Markets down, Sensex touches lowest closing of this year
The 30-stock benchmark Sensex plummetes by 833.98 pts at 16,630.91, after touching day's low of 16,457.74 and a high of 17,427.34.business Updated: Feb 11, 2008 18:29 IST
The Bombay Stock Exchange benchmark Sensex plunged by over 830 points to 16,630.91, the lowest closing this year, with most of the heavyweights tumbling on frantic selling by funds on weak trends in the global stock markets.
Brokers said besides a weak global trend, sluggish debut of Reliance Power on the bourses added to the weak sentiment. Investors were awaiting its listing eagerly with hopes that a good premium would pep up the market, they added.
The 30-stock benchmark Sensex plummeted by 833.98 points at 16,630.91, after touching the day's low of 16,457.74 and a high of 17,427.34 points.
In a similar fashion, the National Stock Exchange index Nifty dropped by 263.35 points at 4,857.00 as almost all index-linked stocks fell sharply. It touched the day's low of 4,803.60 and a high of 5126.40 points.
The Anil Ambani group firm Reliance Power fell to Rs 355.05 from its issue price of Rs 450. Reliance Power is a unit of Reliance Energy.
Finance ministers and central bankers statement, after a meeting, in Tokyo that "downside risks persist" for the global economy also contributed to today's downfall, brokers said.
Stocks of metal, capital goods, oil and gas, realty, public sector undertaking and banking sectors suffered the maximum today.
However bucking the weak trend, IT shares led by Infosys Technologies remained firm, lifting the sectoral index higher by 4.82 points at 3,843.34.