Sensex falls 324 points in early trade
The Bombay Stock Exchange benchmark Sensex today tanked over 324 points to 11,695.52 points in opening trade on selling by funds amid uncertainty over the outcome of the Lok Sabha elections.business Updated: May 14, 2009 10:38 IST
The Bombay Stock Exchange benchmark Sensex on Wednesday tanked over 324 points in opening trade on selling by funds amid uncertainty over the outcome of the Lok Sabha elections.
Marketmen said weakening trend in the global equity markets too triggered selling on the domestic bourses.
The 30-share barometer, which lost 138.38 points yesterday, moved further down by 324.13 points, or 2.70 per cent, at 11,695.52 points in opening trade on increased selling by funds.
Similarly, the wide-based National Stock Exchange index Nifty plunged by 97.65 points to 3,537.60 points.
Stock brokers said selling pressure gathered momentum on political uncertainties after exit polls indicated the ruling Congress-led coalition was slightly ahead of the opposition BJP-led alliance.
"Major players including retail investors are preferring to keep their commitments at a low ebb ahead of election results," said Manoj Choraria, a Delhi-based stock broker.
Major losers were RIL which fell by 1.65 per cent to Rs 1,905.95, Infosys Tech by 2.16 per cent to Rs 1,539.90, ICICI Bank by 3.95 per cent to Rs 527.95, Sterlite Industries by 3.88 per cent to Rs 456.80 and Tata Steel by 3.15 per cent.
Meanwhile, the US Dow Jones Industrial Average closed 2.18 per cent down yesterday, while Hong Kong's Hang Seng fell by 3.52 per cent and Japan's Nikkei fell 2.87 per cent in early trade today.