SENSEX - 17491.39 ( Down 282 Points)
Nifty - 5085 - (Down 100 points)
The Sensex opened with a huge positive gap this morning and even looked poised to cross the coveted 18,000 mark as it vaulted to a new high of 17,982.59 in early trade. But the buoyancy proved quite short-lived as stocks, with the exception of those from the information technology sector, went into a tailspin due to a heavy bout of profit taking.
Though global markets provided positive cues, concerns over the growing rift between the ruling UPA and the Left parties on the Indo-US nuclear pact issue turned the participants jittery. The resultant sell-off in blue chip stocks sent the Sensex crashing to a low of 17,322.14 around noon.
There were a few mild rallies from lower levels but none proved strong enough to pull the market out of the red. Metal, realty, capital goods, bank, healthcare and auto stocks, all went down sharply. Fertilizer, sugar and telecom stocks were not spared either. FMCG stocks managed to regain some lost ground thanks to support at lower levels. IT stocks outperformed the market.
While the Sensex ended the day with a huge loss of 281.97 points or 1.59% at 17,491.39, the Nifty, which touched a high of 5249.30 in opening trade, settled at 5085.10, around 60 points off its intra-day low of 5024.75, netting a loss of 1.94% or 100.75 points.
Besides a host of large cap stocks, scores of midcap and smallcap stocks went down crashing today. Mirroring the sell-off in these segments, the BSE Midcap and Smallcap indices drifted down by 3.66% and 3.31% respectively.
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