Global worries, lower IIP data pull down Sensex by 848 pts
The BSE benchmark sensex declined sharply by 848 points and the Nifty by 241 points following all-round selling led by realty, banking, PSU and metal segments due to weak industrial output data amid distinctly sluggish global advices.business Updated: Nov 13, 2010 14:45 IST
The BSE benchmark sensex declined sharply by 848 points and the Nifty by 241 points following all-round selling led by realty, banking, PSU and metal segments due to weak industrial output data amid distinctly sluggish global advices.
Selling was so strong that all indices ended lower between 0.23 per cent and 6.52 per cent.
The Bombay Stock Exchange 30-share barometer index opened slightly higher at 21,041.97 and moved up further to 21,075.71 but immediately declined to 20,108.40 before closing the week at 20,156.89, showing a sharp loss of 848.07 points or 4.04 per cent from its last weekend's level.
The NSE 50-share nifty also tumbled by 240.80 points or 3.81 per cent to 6,071.65 from 6,312.45 previously.
Asian stocks closed sluggish on Friday with the China's Shanghai Composite index dipping by 5.16 per cent, its biggest percentage loss in 14 months, as wary investors offloaded financial and resource counters on expectations of further monetary tightening.
Other key indices from Hong Kong, Japan, Singapore, South Korea and Taiwan too ended in the red.
Worries over sovereign debt levels in Europe also prompted investors to scale down exposure in riskier assets like equities.
European markets too displayed a weak trend on concerns over the Ireland's debt problems and China's overheating economy.