Nifty sinks 105 pts on frantic selling
The National Stock Exchange index nosedives on massive selling by funds triggered by a falling Asian markets.india Updated: Sep 11, 2006 20:09 IST
The S&P CNX Nifty on Monday plunged by a whopping Rs 105.30 points on the National Stock Exchange (NSE) on emergence of heavy sell-off by funds, following steep fall in overseas prices.
Foreign Insitutional Investors (FIIs) who have been selling heavily in the futures and option segment for quite some time and had offloaded shares worth Rs 1,646 crore in derivatives on September 7 and 8, pressed the selling button further, pushing share prices notably lower, brokers said.
In the Asian markets, Japan's Nikkie plunged by 286.08 points, while Hang Seng nosedived by 197.17 point and Kospi by 20.81 points which generated heavy selling in the local markets too, they added.
The S&P CNX Nifty opened marginally low at 3,470.35 and after rising temporarily to 3,486.65, succumbed to heavy selling and plunged to 3,351.30, before ending at 3,366.15, suffering a huge fall of 105.30 points or 3.03 per cent over the last close of 3471.45.
Elsewhere, the CNX Nifty Junior fell steeply by 3.90 per cent to 5992.85, CNX Midcap by 3.33 per cent to 4354.60, S&P CNX Defty by 3.19 per cent to 2520.00, CNX 100 by 3.15 to 3255.40, S&P CNX 500 by 3.10 to 2794.80, CNX IT by 2.93 per cent 4296.05 and Bank Nifty by 2.78 per cent to 4528.90.
The total turnover was low at Rs 7,187.38 crores from the previous close of Rs 7,273.14 crore. A total number of 3,356.66 lakh shares changed hands in 32,88,160 trades.