Sensex dips 274 points at 16,969 in early trade
The BSE benchmark Sensex on Thursday lost 274 points and dipped below 17k level in early trade on major sell-off by funds, triggered by weak global markets.Updated: May 22, 2008 10:31 IST
The Bombay Stock Exchange benchmark Sensex on Thursday lost 274 points and dipped below 17k level in early trade on major sell-off by funds, triggered by weak global markets.
The 30-share index, which had gained 12.98 points on Wednesday, fell by 274.04 points to 16,969.12 in the first five minutes of trade.
The wide-based National Stock Exchange index's Nifty moved down by 75.45 points to 5,042.20.
Marketmen said reports of weakening trends in overseas stock markets after oil prices spiked to another record high of nearly 135 dollar a barrel and the US Federal Reserve slashing 2008 growth forecast, mainly influenced the trading sentiments here.
At the US stock markets, Dow Jones Industrial Average plummeted 227.49 points, or 1.77 per cent while the tech-dominant Nasdaq composite dropped 43.99 points.
They said software exporting company stocks were only gainers, backed by a firming dollar against the rupee.
Major losers were Reliance Industries, State Bank of India, HDFC Ltd, Larsen and Toubro, Maruti Udyog, Mahindra and Mahindra, ONGC, BHEL and Grasim Industries.