Sensex tanks 717 pts to end below 18K
Sensex, which had surged to a new peak at 19,198.66, closes with a loss of 717.43 points at 17,998.39.business Updated: Oct 19, 2007 04:09 IST
The benchmark Sensex crashed by 717 points to close below the 18,000-point mark on panic selling by funds following rumours of uncertainty on the political front.
The Sensex, which had surged to a new peak at 19,198.66 at noon, tumbled on fag-end selling by funds and closed with a loss of 717.43 points at 17,998.39. It also touched the day's low of 17,771.16 points.
The selling pressure gathered momentum in the last 30-minutes of trading as some rumours about political developments pulled down the market on selling in blue chip stocks led by metal, capital goods and banking segment stocks.
Similarly, the second wide-based National Stock Exchange index Nifty tumbled by 208.30 points at 5351, after touching the day's low of 5269.65 and a high of 5736.80 points.