Markets nosedive, Sensex down by 571 pts
Sensex, which gained over 700 points on Wednesday after a series of big losses, again lost 570 points at 13,094.11 as metal, realty and banking stocks were battered by investors.business Updated: Jul 03, 2008 17:28 IST
Proving yesterday's respite was short-lived, the markets were hammered again on Thursday as selling pressure returned with a vengeance to pull down the benchmark Sensex by over 570 points.
The 30-share Sensex, which gained over 700 points yesterday after a series of big losses, again lost 570.51 points at 13,094.11 as metal, realty and banking stocks were battered by investors.
The key index touched a low of 12,934.92 points and a high of 13,530.68 during the day.
The 50-stock National Stock Exchange index Nifty tumbled by 167.60 points at 3,925.75, after touching the day's low of 3,874.85 and a high of 4,097.35 points.
Marketmen said rising crude prices and continuing political uncertainty cast a shadow on investor sentiment, which in any case was bearish.
They said investors looked extremely concerned after reports of crude oil touching a record high level of 144.53 dollar a barrel came amid the ongoing political uncertainty over Indo-US nuclear deal.
Tracking weal global cues, investors kept away from loca equities, they said. Besides, nobody was keen to buy a day ahead of the release of next inflation data on Friday.
Metal stocks suffered the most after prices tumbled in the London Metal Exchange last evening. The selling pressure also picked up ahead of the government meeting with the steel producers in Mumbai.
Realty sector was second biggest loser and fell by 435.97 points at 42,95.22 on fears the hike in bank interest rate might trim sale of housing units and could impact realtor's revenue.