Sensex down by another 100 pts
Reeling under persistent selling pressure, Sensex drops another 100 pts, extending the losing spree to 5th day after promising a pull-back rally in early trade.business Updated: Jul 16, 2008 18:54 IST
Reeling under persistent selling pressure, the Bombay Stock Exchange benchmark Sensex dropped another 100 points, extending the losing spree to fifth day on Wednesday after promising a pull-back rally in early trade following a fall in global crude prices.
The 30-share BSE barometer opened higher and advanced to almost 13,000 level at 12,935.25, a rise of over 259 points.
However, selling pressure, emerged after mid-session on weakness in European bourses, pulled the Sensex down. The key index finally settled the day at 12,575.80, a fall of 100.39 points, or 0.79 per cent, over its previous close.
The S&P CNX Nifty of the National Stock Exchange (NSE) also dropped by another 44.40 points, or 1.15 per cent, to end the day at 3,816.70 from its last close.
While Asian indices displayed a mixed pattern of trading at close on Wednesday, European markets resumed feeble, weighing on the local bourses in late trade.
Dealers credited the early rise in share values to steep fall in global crude oil prices below $140 level a barrel. India imports nearly 70 per cent of its oil requirements.
Realty counters continued to bore the brunt of heavy selling and led the fall in the Sensex by closing 6.31 per cent lower. Auto, metal, consumer goods and bankex, which ended lower in the range of two per cent, were the other prominent losers among sectoral indices.
Blue-chip Ranbaxy Laboratories which was hammered in the past few sessions, staged a smart recovery on news that the company denied allegations levelled against it by the US Food and Drug Administration.
The pharma major attracted buying support after the company said the deal with Daiichi Sankyo stands despite charges by the US FDA. It settled the day higher by over 15 per cent.