The Hindu : Business : Sensex nosedives

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Friday, Feb 08, 2008
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Sensex nosedives

Special Correspondent

MUMBAI: Led by oil and gas, metal and realty stocks, the domestic stock market witnessed another sharp fall on Thursday. The BSE 30-share Sensex nosedived by 612.56 points or 3.38 per cent to close at 17526.93, while the National Stock Exchange 50-share Nifty lost 189.30 points at 5133.25.

Stock markets are facing a bearish trend as initial public offerings (IPOs) of some companies also are not keenly sought after. While some companies have extended their IPO closing dates for want of enough funds, others are on the verge of withdrawing their offerings. This fear of corporates, who planned to enter the market for raising funds, also affected sentiment on the bourses and retail investors are keeping away from the market. Some market participants still suggest that specific stock movements will continue on budget expectations.

Among the broad indices, BSE Midcap lost 189.62 points or 2.38 per cent at 7781.12 and the smallcap 210.18 points or 2.02 per cent at 10,202.63.

Volume remain sluggish

The BSE 500 lost 233.25 points or 3.17 per cent at 7126.87, Oil and Gas 4.41 per cent at 10668.66, metal 4.08 per cent at 15528.84, realty 3.69 per cent at 10030.33, Bankex 2.86 per cent at 10384.77, IT 2.85 per cent at 3705.30, power 2.52 per cent at 3782.74 and automobile 2.37 per cent at 4783.80.

Trading volume also continued to remain sluggish this week, mirroring lacklustre trading on the bourses.

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