Sensex tanks by over 100 points to fall below 20,000-mark
Mumbai: Surrendering all initial gains, the BSE benchmark Sensex Thursday lost 101 points in the late morning trade due to fresh selling pressure, mainly in auto, realty and metal sectors amid mixed Asian cues.
The 30-share barometer resumed lower at 20,017.20 but recovered immediately to 20,072.28 on sustained buying by funds and retailers in oil and gas, PSUs, IT and banking sector, after Finance Minister P Chidambaram reaffirmed government's commitment to reforms.
However, it declined afterwards to 19,889.25 before quoting at 19,925.90 at 1030 hrs due to fresh selling pressure.
The NSE 50-share Nifty also moved down by 32.05 points of 0.53 percent to 6,022.25 at 1030 hrs.
Major losers were Tata Motors (6.79 percent), Gail India (3.12 percent), M&M (2.69 percent), Sterlite Ind (2.57 percent), Hindalco (2.25 percent), Tata Power (1.64 percent), Jindal Steel (1.50 percent), Cipla (1.43 percent) and Hero Motocorp (1.11 percent).
Foreign institutional investors (FIIs) bought shares worth a net Rs 802.62 crs yesterday as per provisional data from the stock exchanges.
Most Asian stocks fell in the early trade after a report showed China's manufacturing exceeded estimates. Key benchmark indices in China, Hong Kong, Taiwan and South Korea fell by 0.07 percent to 0.46 percent, while indices in Japan and Singapore rose by 0.32 percent to 0.85 percent.