Markets tumble, Sensex down by 696 pts
Markets cut short its two-day gaining-spree with the benchmark Sensex dipping below 10,000 level at at 9,839 after losing nearly 700 points on selling pressure.business Updated: Nov 11, 2008 17:41 IST
Markets cut short its two-day gaining-spree with the benchmark Sensex dipping below 10,000 level after losing nearly 700 points on selling pressure triggered by concerns over companies cutting down on output and country's exports slowing down.
The bellwether index tumbled by 696.47 points at 9,839.69 to end the day. Today's loss has washed away the most of 800-point gain Sensex recorded in the past two trading days.
The key index had last broken 10,000 level on November 6.
Similarly, the wide-based National Stock Exchange index Nifty dipped below 3,000 points level by losing 209.60 points at 2938.65.
Marketmen said Reliance Industries, the most valuable company, fell after reports that it might miss production deadlines because of a slump in fuel demand.
They said a fall of 15 per cent in country's exports in October amid lingering global recession concerns also dampened the trading sentiment.
Capital goods index suffered the most by losing 587.55 points at 7530.88 after stocks of BHEL, Larsen and Toubro, Reliance Industrial Infrastgructure and Punj Llyod fell sharply.