The Hindu : Business : Sensex sheds 303 points

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Thursday, Nov 13, 2008
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Sensex sheds 303 points

MUMBAI: In see-saw trade, the Bombay Stock Exchange benchmark Sensex on Wednesday extended losses for the second day by losing another over 300 points on heavy selling across counters.

The 30-share barometer gyrated in a wide range before concluding at 9536.33, a fall of 303.36 points or 3.08 per cent over the previous close. In two days, it has shed nearly 1000 points.

Marketmen said a slew of factors contributed to choppy trade. Weak global bourses and fall in the collections of excise and customs duties in October particularly dampened the spirit. This bit of news came just after reports of export growth falling in September, dampening the sentiment, they added. The bellwether index lost 280 points in early trade but it recovered sharply on encouraging numbers on industrial growth. It even seemed that the crucial 10000-level was well within the day’s trade when the index touched the day’s high of 9928.60.

However, by mid-session, profit-booking emerged bringing the Sensex steeply lower. Brokers said the 4.8 per cent growth in industrial production in September, after a mere over one per cent expansion in the previous month, revived buying for a brief period. The BSE and the NSE will remain closed on November 13 on account of Gurunanak Jayanthi. — PTI

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