The Hindu : Business : Sensex plunges 513 points

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Thursday, Oct 23, 2008
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Sensex plunges 513 points

MUMBAI: The Bombay Stock Exchange benchmark Sensex on Wednesday plunged by over 513 points to cut short its gaining trend of the past two days on heavy selling in metal, realty and banking stocks.

After two days of good buying support, selling emerged after global stocks fell on renewed fears of global economy falling into a recession.

IT major Wipro’s cautious outlook for near-term was another dampening factor, marketmen said.

The bellwether Sensex on the BSE closed at 10169.90, a sharp loss of 513.49 points, or 4.81 per cent, while Nifty on the National Stock Exchange settled lower by 169.75 points, or 5.25 per cent.

Elsewhere, Asian indices closed lower in the range of 1.6-6.8 per cent. European markets also were down by about 2-3 per cent in morning trading.

Earlier last week, the Sensex had fallen below the psychologically important 10000-mark but it regained the level this week and even posted 700-point gain in the past two days.

Brokers said market sentiment continued to be adversely affected by sustained capital outflows this month. Foreign institutional investors (FIIs) remained net sellers, taking the total outflows to $1.15 billion in October. — PTI

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