Sensex snaps 5-session rising streak, loses 511 points
The volatility continues. The BSE benchmark index, the Sensex, lost 511 points or 4.8 per cent on Wednesday.This snapped a streak of five consecutive sessions of a rally in which the index added 25 per cent or 2,122 points.business Updated: Nov 05, 2008 21:25 IST
The volatility continues. The Bombay Stock Exchange benchmark index, the Sensex, lost 511 points or 4.8 per cent on Wednesday. This snapped a streak of five consecutive sessions of a rally in which the index added 25 per cent or 2,122 points — a rude reminder to investors that the pain is not over yet.
Experts feel the market sentiment is still weak. “Short selling in the market impacted led the fall along with the fall in the European market,” said Aseem Dhru, chief executive officer, HDFC Securities.
“It is still a bear market and it will take time to consolidate,” said Rajesh Jain, head research, SMC Global. “European market and the US futures market impacted sensex rally today.”
Market opened with a 300 point gain taking cues from the Asian markets that were up all across but lost way towards the middle of the trading session as sentiments turned negative with the opening of the European markets that were trading in the red.
The pressure came heavily on the companies operating in the Oil and Gas industry and the Oil & Gas index at BSE fell the most by 9.44 per cent. From the list of 30 companies in Sensex, Reliance Industries fell the most by 12.8 per cent.