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HindustanTimes Fri,18 Apr 2014

Sensex drops below 17k level on persistent selling pressure

PTI  Mumbai, July 23, 2012
First Published: 10:11 IST(23/7/2012) | Last Updated: 11:30 IST(23/7/2012)

The BSE benchmark Sensex dropped below 17k level after more than 3-1/2 week and was trading 167 points down at 16,991.69 on sustained selling pressure from operators ahead of the expiry of derivatives contracts on Thursday amid lower Asian cues.

Maruti Suzuki India tumbled 4.85%. The company has issued a notice declaring lockout at the company's Manesar plant in Haryana after the violence at the factory resulting in the death of a senior official and injuring 100 others.

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The BSE benchmark Sensex resumed lower at 17,047.73 and dropped further to 16,977.03 before quoting at at 16,991.69 at 1030 hrs, showing a net loss of 166.75, or 0.97%, from its last weekend's level.

The NSE 50-share Nifty also dropped by 51.20 points, or 0.98%, to 5,153.90 at 1030 hrs.

Other losers were Sterlite Ind (3.05%), Jindal Steel (2.43%), Tata Steel (3.36%), BHEL (2.23%), Hindalco Ind (2.17%), NTPC (1.64%) and ONGC (1.58%).

Asian stocks declined further in the early trade after a Chinese central bank adviser forecast an economic slowdown and on renewed concern that Greece may not meet its bailout targets, damping demand for riskier assets.

Key benchmark indices in Hong Kong, Taiwan, South Korea, Japan, Indonesia, China and Singapore were down by 0.94% to 2.63%.

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