Sensex slides below 17,000 level amid global sell-off | business | Hindustan Times
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Sensex slides below 17,000 level amid global sell-off

business Updated: Jun 07, 2010 12:11 IST

The Bombay Stock Exchange benchmark Sensex today tanked over 430 points to trade below the 17,000 level in opening trade on major sell-off by funds and retail investors amid slumping global markets.

The 30-share index, which had gained 95.36 points in the previous session, plunged by 430.96 points, or 2.52 per cent, to 16,686.73 points.

All the sectoral indices, led by metal and realty, were trading in the negative with losses up to 3.77 per cent. The wide-based National Stock Exchange index Nifty dipped by 131.25 points, or 2.55 per cent, to 5,004.25.

Likewise, the Nifty futures tanked 134.95 points, to trade below 5,000 points at 4,985 points.

Marketmen said investors resorted to heavy-selling after a steep fall in the US market on Friday, following a
less-than-expected jobs report and Hungary's fiscal trouble. Besides, weak trend in Asian markets, which were down up
to 2.6 per cent in the morning trade today, also dampened the trading sentiment, they added.

Among prominent losers Reliance Industries fell by 2.12 per cent to Rs 1,008.90, Reliance Infra by 3.49 per cent to Rs 1,071.45, Infosys 2.26 per cent to 2,668.90, Wipro by 2.27 per cent to Rs 640.45, Sterlite Industries by 4.14 per cent to Rs 621.85, Tata Steel by 3.36 per cent to Rs 468.50, State Bank of India by 2.44 per cent to Rs 2,284.55 and DLF Ltd by 4.51 per cent to Rs 269.

Bucking the trend, stocks of RCom were up by 2.91 per cent to Rs 173.05 after its board's in-principle approval to
dilute 26 per cent equity in a strategic sale.

Meanwhile, the US Dow Jones Industrial Average ended 3.15 per cent lower in the previous session on Friday.