Sensex down 423 pts, Nifty slips below 5,100 level
Mumbai: The benchmark Sensex plunged 423
points to hit a one-month low on Thursday as funds resorted to heavy
selling in blue-chip stocks led by capital goods, power and
PSUs, weighed down by fears of China further tightening its
The Bombay Stock Exchange 30-share barometer, which had
lost 166 points in the last two trading sessions alone,
plunged further by 423.35 points to 17,051.14, marking its
biggest fall this year.
Followed poor Wall Street and Asian cues, the Sensex
opened with 123 points down and touched the day's low of
17,025.26 during the day. This is the third consecutive fall
for the market this week.
The wide-based NSE Nifty 50 too broke two key levels of
5,200 and 5,100 points and closed with a hefty loss of 127.55
points to 5,094.15. It dipped to 5,085.45 in the session.
With a 5.15 per cent fall to 13,501.46 points, the
sector that suffered the most was capital goods, spooked by
the poor Q3 results by L&T. The engineering and construction
giant tumbled 6.85 per cent following the results.
The second biggest fall was in the power index, which was
hammered by 3.47 per cent 3,100.60 points. Tata power was the
worst performer with a 4.46 per cent fall. All the Sensex
indices ended with heavy to moderate losses. The PSU index
shed 2.98 per cent, realty 2.78 per cent and pharma 2.65pc.
The World Bank statement that the Asian economies face
the risk of asset bubbles or overheating as the region?s
growth outpaces the rest of the world this year, also weighed
on the market.
The Sensex leader Reliance Industries dropped 2.22 per
cent to Rs 1,053.80 and second heaviest counter Infosys shed
1.19 per cent to Rs 2,621.20. ICICI Bank tumbled 2.71 per cent
to Rs 853.35 and L&T which plunged nearly seven percent.
Other interest-related industries such as auto, realty
and consumer durables also suffered losses on heavy selling by
As the selling pressure spread over a wide-front, even
the Small-cap index lost 2.47 per cent to 8,760.99 while
Mid-cap shaved off 2.39 per cent to 6,858.73.