Sensex tanks 344 pts on heavy selling

Mumbai, Nov 26 (PTI) The Bombay Stock Exchange benchmark
Sensex Thursday sharply declined by 344 points on heavy
selling by funds on expiry of current month contracts in the
derivatives segment amid weak global cues.

The 30-share index plunged by 344.02 points to close at
16,854.93 points, recording the biggest fall after November 3.
The key index moved between 17,202.51 points and
16,808.87 points during the day as investors offloaded pending
positions on expiry of the November month contract in the
derivatives segment.
The wide-based National Stock Exchange index Nifty fell
by 102.60 points to 5,005.55 points, after touching the day's
low of 4,986.05 points.
Selling pressure was more confined to banking, oil and
gas, consumer durables, realty and IT stocks.
Reliance Industries, the heaviest on the Sensex, fell 3.6
per cent after the stock was converted into ex-bonus. IT major
Infosys fell by 1.92 per cent, while largest private lender
ICICI Bank declined 3.74 per cent. The three stocks carry more
than 27 per cent weightage on the benchmark.
In the 30-BSE index stocks, 26 scrips closed with losses.
A weakening trend in Asian markets and lower opening in
the European markets also weighed on investors sentiment.
Hong Kong's Hang Seng index declined 1.78 per cent after
heavy fall in Chinese shares, while Singapore fell by 1.10 per
cent. The Japanese Nikkei dipped 0.62 per cent to close at
four month low after yen's sharp rise against dollar. PTI RS
DDC


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