Sensex tumbles 424 points on weak overseas trend
The BSE benchmark Sensex tumbled by 424 points at 13,543 at close trading today on heavy selling by funds triggered by weak global trend amid rising crude prices.business Updated: Sep 23, 2008 17:24 IST
Markets remained under pressure on Tuesday with the benchmark Sensex nosediving by over 424 points on selling by funds, particularly on IT counters, amid rising crude prices and weakness in global bourses.
Marketmen said investors globally awaited the details of US government rescue plans to tide over the worst financial crisis since 1930 before taking any fresh positions.
The Bombay Stock Exchange barometre closed with a loss of 424.65 points at 13,570.31 after falling to a low of 13,543.47 and touching a high of 13,978.26 points during the day.
The wide-based National Stock Exchange's Nifty fell by 96.15 points to settle at 4,126.90 points as heavy-weight stocks in realty, capital goods and banking segments recorded hefty losses.
Marketmen said the selling pressure gathered momentum following reports of a steep fall in the US and Asian stock markets, as investors awaited the details of US government bailout plans financial crisis.
They said rising crude oil, which recorded a biggest one-day rise last evening, also influenced the trading sentiments.
Information Technologies segment suffered the most by falling 184.38 points, or 5.07 per cent, at 3,455.05 following the segment major Infosys Technologies dropped by Rs 84.50 at Rs 1,543.35, Satyam Computers by Rs 21.10 at Rs 331.65 and Tata Consultancies by Rs 45.25 at Rs 720.75.
Realty sector index was the second worst performer by losing 191.68 points, or 4.68 per cent, at 3903.82. DLF and Unitech, one of the India's biggest developers, led declines in real estate stocks.