Sensex down 175 points on global cues
The stock markets crashed more than 175 points in opening trade on Friday on all-round selling by funds.business Updated: Jun 08, 2007 10:17 IST
The stock markets crashed more than 175 points in opening trade on Friday on all-round selling by funds as well as retail investors triggered by melt down in global markets.
The BSE-30 share benchmark Sensex, which had lost over 350 points in the past two sessions, tumbled 175.57 points at 14,010.61 points in the first five minutes of the trade.
Similarly, the Nifty index on the wide-based National Stock Exchange dipped by 53.05 points to 4,126.45.
Stock brokers said melt down on the global stock markets, which were down by nearly 1.5 per cent, triggered panic selling by funds.
They said rising crude oil prices in global markets, which surged to nine-month high of $67 a barrel, too acted as a negative factor.
All the BSE-30 and NSE-50 shares were in the negative zone with steep falls.