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Sensex dips below 13k level

Sensex dipped below 13k level and lost over 204 points at 12, 851.47 on all-round selling by funds despite the US Senate's approval to a modified rescue package for the troubled financial sector.

business Updated: Oct 03, 2008 12:55 IST

The Bombay Stock Exchange benchmark Sensex dipped below the 13k level and lost over 204 points in early trade on Friday on all-round selling by funds despite the US Senate's approval to a modified rescue package for the troubled financial sector.

The 30-share index fell by 204.47 points at 12,851.47 on major sell-off by foreign funds and retail investors mainly in the stocks of metals, banking, oil and gas and IT sectors.

The National Stock Exchange index Nifty plunged by 54.20 points at 3,896.55 with all the heavyweight stocks trading in negative zone.
Marketmen said reports of a weakening trend in the global markets amid depreciating Indian rupee against the US dollar influenced the trading sentiments here.

Rupee fell by 49 paisa to 47.11 against the US dollar in early trading on the Forex market.

Stocks of Sterlite Industries were distinctly weak and lost Rs 26.60 or 6.19 per cent at Rs 402.80, while largest lender in the private sector ICICI Bank fell Rs 3.65 at Rs 547.80.

Other major losers which pulled the Sensex down were Infosys Technologies, which plunged by Rs 56 at Rs 1,397.90, Reliance Industries tumbled Rs 38.45 at Rs 1,868.80, State Bank of India by Rs 10.45 at Rs 1,491, Tata Power by Rs 13.50 at Rs 933 and Tata Steel by Rs 12.75 at Rs 425.90.

Meanwhile, the United States Dow Jones Industrial Average fell 3.22 per cent last night, while Hong Kong's Hang Seng was down by 2.01 per cent in early trade today.