Sensex tanks 112 pts on weak global cues | business | Hindustan Times
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Sensex tanks 112 pts on weak global cues

business Updated: Dec 24, 2008 11:10 IST

Continuing its slide for the third straight session, the benchmark Sensex fell by 112 points in early trade on Wednesday as investors squared off positions on the concluding day of derivatives series amid weak global cues and negative foreign funds activity.

The 30-share barometer, which had lost nearly 413 points in the previous two sessions, shed another 112.15 points, or 1.16 per cent to 9,574.60 in early trade, with all the sectoral indices, led by realty and metals, trading in the negative zone, thus pushing losses up to 2.88 per cent.

The wide-based Nifty of the National Stock Exchange also slipped by 33.50 points to 2,935.15 points.

Brokers said reports that world's major economies were deeper into recession despite concerted efforts by the respective countries to boost the growth had an adverse impact on the market sentiment.

They said investors seem unwilling to make any fresh commitments and preferred to book profits ahead of the long Christmas holidays in international markets.

Shares of Satyam Computers nosedived by another 15 per cent at Rs 118.20, with nearly 55 lakh shares changing hands on the BSE after reports that the World Bank had barred the company from doing any business with it for the next eight years. Satyam stocks had tanked about 13.5 per cent on Tuesday.

Other major losers were Reliance Industries, RelCom, Reliance Infra, ICICI Bank, HDFC Bank, Grasim Industries, DLF Ltd, Larsen and Toubro, Sterlite Industries, Tata Steel, Tata Motors, Maruti Suzuki and Mahindra and Mahindra.

Meanwhile, the Dow Jones Industrial Average yesterday closed 1.18 per cent down, while Hong Kong's Hang Seng index was down 1.41 per cent, while Japan's Nikkei shed 2.69 per cent in the early trade on Wednesday.