ID :
64820
Tue, 06/09/2009 - 12:46
Auther :
Shortlink :
https://www.oananews.org//node/64820
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Sensex logs third-biggest fall of year as FIIs turn sellers
Mumbai, June 8 (PTI) Metals and realty bore the brunt of
a dramatic sell-off by foreign funds, sending the Indian
benchmark Sensex spiralling down by a huge 437.63 points, the
third-biggest fall of the year.
Extremely weak trends in European markets and US futures
weighed on the local bourses.
The Bombay Stock Exchange 30-share barometer settled the
day at 14,665.92, down 437.63 points or 2.90 per cent from its
previous close.
Investors resorted to across-the-board selling as foreign
institutional investors began pulling out from equity in later
afternoon trade.
Bonanza Portfolio Assistant Vice-President Avinash Gupta
said: "Falling metal prices and China giving incentives for
export of steel products induced profit-taking and it seems
a correction is setting in. The market is expected to be
range-bound with rises/falls between 4,250 and 4,500."
The equity markets witnessed a massive capital inflow of
Rs 22,133 crore between May 1 and June 4 on optimism about
speedy economic reforms in post-election political stability.
DIIs, which have been net sellers in the current month,
stepped up their sales during the day.
European markets were down by about 1.2 per cent to 1.61
per cent in early trade while the Hang Seng fell by 2.28
per cent, Taiwan Weighted by 3.34 per cent and Straits Times
by 2.97 per cent.
The 50-issue Nifty of the National Stock Exchange also
tumbled by 157.00 points or 3.42 per cent to 4,429.90 from its
last close.
The BSE realty index slumped 424.82 points or 10.54 per
cent, metals 761.92 points or 6.51 per cent and the Bankex
362.52 points or 4.42 per cent.
Small-cap and mid-cap shares bore the brunt of heavy
selling, resulting in their indices plunging by 374.77 points
or 5.80 per cent and 294.93 points or 5.45 per cent,
respectively.
Among sectoral indices, only IT survived to settle in the
green while all other indices ended lower between 10.54 per
cent and 1.21 per cent.
In the Sensex pack, Jaipra Asso dropped 10.40 per cent,
DLF 10.34 per cent, Tata Steel 10.21 per cent, REL COM 8.68
per cent, REL Infra 8.55 per cent, SBI 6.76 per cent, Ranbaxy
6.45 per cent and Tata Motors 6.25 per cent.
However, Wipro rose by 3.36 per cent, Infosys Tech by
2.52 per cent and TCS by 2.29 per cent.
The total market breadth turned negative with 2,246
counters losing against 582 gainers. PTI VMP
AM
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a dramatic sell-off by foreign funds, sending the Indian
benchmark Sensex spiralling down by a huge 437.63 points, the
third-biggest fall of the year.
Extremely weak trends in European markets and US futures
weighed on the local bourses.
The Bombay Stock Exchange 30-share barometer settled the
day at 14,665.92, down 437.63 points or 2.90 per cent from its
previous close.
Investors resorted to across-the-board selling as foreign
institutional investors began pulling out from equity in later
afternoon trade.
Bonanza Portfolio Assistant Vice-President Avinash Gupta
said: "Falling metal prices and China giving incentives for
export of steel products induced profit-taking and it seems
a correction is setting in. The market is expected to be
range-bound with rises/falls between 4,250 and 4,500."
The equity markets witnessed a massive capital inflow of
Rs 22,133 crore between May 1 and June 4 on optimism about
speedy economic reforms in post-election political stability.
DIIs, which have been net sellers in the current month,
stepped up their sales during the day.
European markets were down by about 1.2 per cent to 1.61
per cent in early trade while the Hang Seng fell by 2.28
per cent, Taiwan Weighted by 3.34 per cent and Straits Times
by 2.97 per cent.
The 50-issue Nifty of the National Stock Exchange also
tumbled by 157.00 points or 3.42 per cent to 4,429.90 from its
last close.
The BSE realty index slumped 424.82 points or 10.54 per
cent, metals 761.92 points or 6.51 per cent and the Bankex
362.52 points or 4.42 per cent.
Small-cap and mid-cap shares bore the brunt of heavy
selling, resulting in their indices plunging by 374.77 points
or 5.80 per cent and 294.93 points or 5.45 per cent,
respectively.
Among sectoral indices, only IT survived to settle in the
green while all other indices ended lower between 10.54 per
cent and 1.21 per cent.
In the Sensex pack, Jaipra Asso dropped 10.40 per cent,
DLF 10.34 per cent, Tata Steel 10.21 per cent, REL COM 8.68
per cent, REL Infra 8.55 per cent, SBI 6.76 per cent, Ranbaxy
6.45 per cent and Tata Motors 6.25 per cent.
However, Wipro rose by 3.36 per cent, Infosys Tech by
2.52 per cent and TCS by 2.29 per cent.
The total market breadth turned negative with 2,246
counters losing against 582 gainers. PTI VMP
AM
NNNN
The information contained in this electronic message and any attachments to this
message are intended for the exclusive
use of the addressee(s) and may contain proprietary, confidential or privileged
information. If you are not the intended
recipient, you should not disseminate, distribute or copy this e-mail. Please
notify the sender immediately and destroy
all copies of this message and any attachments contained in it.
