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Sensex plunges 285 points

MUMBAI: The Bombay Stock Exchange sensitive index plunged by 284.53 points and closed 8607.08 on Monday against 8891.61 last Friday due to weak global cues. Sentiment was also dampened by consistent foreign institutional investment outflows. The 50-share Nifty of the National Stock Exchange also dropped by 89.05 points to close at 2674.60. Asian indices closed lower by about three to four per cent while European markets were down by nearly three per cent in the early trading.

Reliance Industries fell by 3.15 per cent after the company’s swap ratio for the merger of Reliance Petroleum turned out to be a little better for the latter. RPL, however, was down 1.38 per cent. Bank shares were the worst-hit on heavy sell-off sparked by fresh fears of defaults in the ongoing economic slowdown.

Brokers said the market, however, recovered from the day’s low of 8563.52 as domestic institutional investors absorbed part of FII unloading. Reliance Infra logged the day’s biggest fall of 9.12 per cent, followed by Tata Steel (7.54 per cent), ICICI Bank (7.28 per cent), Reliance Communication (6.50 per cent), Jaiprakash Associates (5 per cent), HDFC Bank (4.43 per cent), L&T (4.40 per cent), TCS (4.39 per cent), ONGC (3.92 per cent), Hind Unilever (3.62 per cent) and SBI (3.10 per cent).

The rupee ended at an all-time low of 51.93/94 against the dollar mainly due to heightened worries about continued capital outflows from the equity market.

The exchange market witnessed fairly wide movements in the range of 51.50 and 51.95 after resuming lower at 51.50/55 a dollar against last Friday’s close of 51.12/14 a dollar. Dealers said declining exports also weighed on the rupee sentiment. — PTI

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