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Sensex down by 415 points on weak global cues

Markets saw the biggest fall in nearly two weeks with the benchmark Sensex dropping over 415 points on selling by funds in heavyweight stocks.

business Updated: Sep 05, 2008 17:30 IST

Markets saw the biggest fall in nearly two weeks with the benchmark Sensex dropping over 415 points on selling by funds in heavyweight stocks, particularly in refinery, bank and metal segments, on renewed concerns of sluggish global economic growth.

The barometer, which was down by over 150 points in the Thursday's trading, on Friday declined sharply by 415.27 points to 14,483.83

The previous biggest loss for the 30-share index was on August 21 when it lost 435 points.

The wide-based National Stock Exchange index Nifty also closed lower by 95.45 points at 4,352.30.

In global markets, the S&P 500 yesterday dropped 3 per cent after the number of people staying on jobless rolls rose to the highest since November 2003.

Marketmen said fears of sluggish growth in US economy hit the software exporting companies like Infosys Technologies. IT sector index closed down by 143.96 points at 3,941.74.

Infosys, country's second-largest software exporter, fell 4.26 per cent, the most in three weeks. Wipro, another IT major, dropped 4.8 per cent. Satyam Computers also declined by 3.8 per cent and Aptech 5.8 per cent.

Indian software companies get more than half their sales from the US markets.