Sensex plunge 330 pts on weak global trend
Sensex plunged 330 points in pre-close trading on the BSE, snapping the six-day long rally as foreign funds indulged in booking profits sparked by weak global trend.business Updated: Apr 27, 2007 15:32 IST
The benchmark Sensex plunged 330 points in pre-close trading on the Bombay Stock Exchange on Friday, snapping the six-day long rally as foreign funds indulged in booking profits sparked by weak global trend.
The Sensex, which had been on an upsurge after the RBI announced its annual monetary policy, fell 329.83 points at 13,899.05 at 1500 hrs.
Weakening global stock markets and poor earnings by the pharma major Cipla dampened the sentiment and second wide-based index, Nifty, dropped by 99.25 points at 4078.60.
Cipla, the second-biggest drugmaker, plunged the most in more than a decade after reporting a profit that beat market estimates, prompting Credit Suisse Group to lower its rating on the stock.
A downtrend in Sensex heavy-weight Reliance Industries led the falling trend despite its better earnings announced on Thursday.