Sensex takes another plunge, drops over 353 points
The Bombay Stock Exchange benchmark Sensex today dipped by over 353 points as investors pulled out money to invest in issues in primary markets.business Updated: Aug 07, 2009 16:47 IST
The Bombay Stock Exchange benchmark Sensex today dipped by over 353 points as investors pulled out money to invest in issues in primary markets.
The Sensex, which had lost 390 points in the previous day's trading, dropped further by 353.79 points at 15,160.24, after touching the day's low of 15,104.
Similarly, the wide-based National Stock Exchange index Nifty went below 4,500 and settled with a huge loss of 104.10 points at 4,481.40. It touched the day's low of 4,463.95.
Selling pressure gathered momentum as major market players and general investors indulged in liquidating positions in the secondary market to raise funds to subscribe to NHPC's IPO, the biggest hydroelectric power generator.
Foreign insitutional investors refrained from taking fresh positions, awaiting a key US jobs report for further cues amid worries that markets might be getting ahead of fundamentals.
Barring NTPC, Tata Steel and Wipro, all 30-BSE index stocks closed down. Consumer durables, auto, realty and banking stocks suffered heavy losses.