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Markets slide: Sensex breaks 12K, ends down 725 points

By BS Reporter in Mumbai
Last updated on: October 06, 2008 17:08 IST
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The Sensex opened with a negative gap of 242  points at 12,284 on the back of negative cues from the global markets. The NSE Nifty is down 216 points at 3,602.

The US markets on Friday tumbled despite the House of Representatives clearing the $700 bn revised bailout package. As a result of which Asian markets were down 3-4% on an average at the opening bell.

Eventually, most of the asian markets like Hang Seng, Nikkei, Straits Times, Shanghai Composite and Seoul Composite indices ended with losses in the range of 4-6% each.

Bank home, the index too witnessed unabated sellling and tumbled below yet another psychological mark of 12,000, to a low of 11,733 - down 793 points from the previous close. The Sensex finally ended with a significant loss of 725 points (5.8%) at 11,802.

In the process, the index has shed 9.6% (1,254 points) in the last two trading sessions, and is down a whopping 41.8% (8,484 points) so far this year.

The BSE Realty index slumped almost 10% (330 points) to 3,000. The Metal index plunged 9.3% (780 points) to 7,636. The Capital Goods and Power indices tumbled over 7% each to 9,495 and 2,066, respectively.

The market breadth was extremely negative - out of 2,677 stocks traded, 2,369 declined, 281 advanced and 27 were unchanged on Monday.


Sterlite slumped over 15% to Rs 335. Reliance Infrastructure tumbled 14% to Rs 638, and Jaiprakash Associates plunged 13.5% to Rs 100.

Tata Steel crashed 11% to Rs 350. DLF, Tata Power and Reliance Communications dropped around 10% each to Rs 302, Rs 798 and Rs 300, respectively.

Grasim shed 9.5% at Rs 1,591. BHEL crumbled 7.5% to Rs 1,449.

Reliance, Ranbaxy and Larsen & Toubro slipped around 6.5% each to Rs 1,642, Rs 246 and Rs 1,083, respectively.

Wipro and Satyam dropped over 6% each to Rs 320 and Rs 294, respectively.

TCS, HDFC Bank, HDFC and ITC declined around 5.5% each to Rs 619, Rs 1,202, Rs 1,965 and Rs 180, respectively.

Infosys and Tata Motors were down over 5% each at Rs 1,318 and Rs 314, respectively.


Reliance topped the value chart with a turnover of Rs 381 crore followed by Reliance Capital (Rs 244 crore), Axis Bank (Rs 141 crore), ICICI Bank (Rs 119 crore) and Tata Steel (Rs 117.70 crore).

Debutant 20 Microns led the volume chart with trades of around 1.30 crore shares followed by IFCI (1.06 crore), Reliance Natural Resources (1.04 crore), Reliance Petroleum (71 lakh) and Jaiprakash Associates (59 lakh).

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BS Reporter in Mumbai
Source: source

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