Mkts tumble, Sensex loses over 500 points
The 30-share BSE barometer, which opened lower by 446 points lost further and closed 502.07 points down at 14,274.94 points.business Updated: Jul 25, 2008 17:00 IST
Extending losses for the second day today, the Bombay Stock Exchange benchmark Sensex on Friday, shed a hefty over 500 points due to aggressive selling triggered by weak global cues.
The 30-share BSE barometer which opened lower by 446 points lost further and closed 502.07 points down at 14,274.94 points.
The 50-scrip index Nifty on the National Stock Exchange also ended down by 121.70 points at 4,311.85. It touched the day's low of 4,297.15 and a high of 4,440.85.
Marketmen attributed the losing trend to profit selling at existing higher levels amid reports of a weakening trend in the global stock markets. They pointed out that the Sensex had gained over 2,370 points in the five straight sessions before the weakening trend started yesterday.
Global stock markets, led by the US Dow Jones Industrial Average and Nasdaq, dropped on reports that the US Housing sale has declined most in last decade.
Oils and gas index suffered the most by 508.98 points at 9504.42 as the sector major Reliance Industries, operator of the world's third-largest refinery, dropped in more than a month on concerns that increasing competition in its core refining business may curb profit growth.
RIL's quarterly results announced yesterday after the trade hours, were much below the market expectations, marketmen said. The stock fell by Rs 159.20 at Rs 2147.35.
On global front, brokers said, financial companies and banks were the biggest losers as a fall in housing sale might cost the companies involved in lending business. The ripples of a bearish trend were felt in domestic markets as well and the bankex fell by 411.62 points at 6751.86.