Sensex dips below 10k level; down 430 points
The benchmark Sensex tumbled by over 430 points in early trade today on heavy selling by foreign funds as well as retail investors, tracking an overnight slide on the US markets.business Updated: Nov 06, 2008 13:15 IST
The benchmark Sensex tumbled by over 430 points and again dipped below the 10k level in early trade on Thursday on heavy selling by foreign funds as well as retail investors, tracking an overnight slide on the US markets.
The 30-share index, which had lost 511.11 points yesterday, dropped by another 430.17 points, or 4.25 per cent at 9,689.84, as all the sectoral indices were trading in negative zone with losses between 1.3 to 5.25 per cent.
The National Stock Exchange index Nifty also fell by 128.90 points, or 4.26 per cent to 2,866.05.
Marketmen said fresh capital outflows by foreign funds following weakening global equity markets and weak Indian rupee against US dollar mainly led to a fall in the stock markets.
They said drop in stock prices in the two straight sessions wiped out almost half of gains, recorded in the past five sessions.
"Weak global cues mainly dampened trading sentiments here," said a leading Delhi-based stockbroker.
The Indian rupee depreciated by 50 paise to Rs 47.94 against the US dollar at the forex market in opening trade.
Major losers which dragged the Sensex down were Reliance Industries, Reliance Infra, RCom, Bharti Airtel,Infosys Technologies, Satyam Computers, Wipro, Tata Consultancy, BHEL, L&T, Tata Steel, Sterlite Industries and Tata Power.
Banking stocks such as ICICI Bank, HDFC Bank and State Bank of India were also trading in the negative zone.
Meanwhile, the US Dow Jones Industrial Average closed 5.06 per cent down, while most of the Asian stock markets, led by Hong Hong, were down by almost six per cent in opening trade.