Sensex falls 314 pts to 6-week low on Europe | business | Hindustan Times
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Sensex falls 314 pts to 6-week low on Europe

business Updated: Nov 18, 2011 00:28 IST
HT Correspondent
HT Correspondent
Hindustan Times
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Fresh trouble emanating from a stand-off between France and Germany over buying of bonds by the ECB — with Germany opposing the idea while France supported it — softened up the markets on Thursday. The BSE benchmark Sensex slid 314 points, or 1.9%, to close at 16,462, the lowest in six weeks.

Among the prominent losers were Reliance Industries, which shaved off 4.5% to close at Rs 811, and Jaiprakash Associates which lost 6.5% to end at Rs 63.

“Europe, of course, was the trigger but I don’t think even the problems of 2008 slowdown have been solved,” said Jagannadham Thunuguntla, Strategist & Head of Research, SMC Global Securities. “The way the midcap index has fallen today, it does not seem like a routine correction but more like a portfolio wind-up by the FIIs.”

The 50-scrip Nifty of the National Stock Exchange lost 96 points, or 1.9%, to close at 4,935 points. “The Nifty could go all the way down to 4000 before it starts recovering,” he projected.