Sensex down by 415 points on weak global cues

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Sensex down by 415 points on weak global cues

Fri-Sep 05, 2008

Mumbai / Press Trust of India

Markets saw the biggest fall in nearly two weeks with the benchmark Sensex dropping over 415 points on selling by funds in heavyweight stocks, particularly in refinery, bank and metal segments, on renewed concerns of sluggish global economic growth.

The barometer, which was down by over 150 points in Thursday's trading, declined sharply by 415.27 points to 14,483.83 on Friday.

The previous biggest loss for the 30-share index was on August 21 when it lost 435 points.

The wide-based National Stock Exchange index Nifty also closed lower by 95.45 points at 4,352.30.

In global markets, the S&P 500 on Thursday dropped 3 percent after the number of people staying on jobless rolls rose to the highest since November 2003.

Marketmen said fears of sluggish growth in US economy hit the software exporting companies like Infosys Technologies. IT sector index closed down by 143.96 points at 3,941.74.

Infosys, country's second-largest software exporter, fell 4.26 percent, the most in three weeks. Wipro, another IT major, dropped 4.8 percent. Satyam Computers also declined by 3.8 percent and Aptech 5.8 percent.

Indian software companies get more than half their sales from the US markets.

Realty and banking bore the brunt of of selling and their sectoral indices closed lower 4.17 percent and 3.52 percent respectively.

Banking stocks HDFC Bank, ICICI Bank, State Bank of India, Bank of India, Axis Bank and Punjab National Bank suffered heavy losses.

Unitech, DLF Ltd., Akruti City, Omax, Indiabulls Realestate and Sobha Developers were also battered.

Metal stocks also came under pressure and the index was down by 3.26 percent at close. Blue-chip Tata Steel fell by Rs 21.20 at Rs 561.10, Jindal Steel by Rs 97.30 at Rs 1798.10, Sterlite Industries by Rs 25.30 at Rs 587.80, Sesa Goa by Rs 2.90 at Rs 148.95 and Nalco by Rs 8 at Rs 377.25.

Oil and gas index fell by 191.97 points, or 1.9 percent, at 9,652.68 after segment major and Sensex-heaviest Realiance Industries dropped by Rs 73.25 at Rs 2079.40.

Capital goods index fell by 207.58 points at 11,980.60, Healthcare index by 92.14 points at 4258.04, PSU index by 81.27 points at 6890.16, Tech index by 89.56 points at 3037.99, Auto index by 57.90 points at 3983.05, power index by 28.29 points at 2627.30 and Consumer durable index by 13.52 points at 3786.28.

Mid-cap index fell by 75.45 points at 5753.72 and smallcap index by 69.15 points at 6905.22.

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