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| Sensex tanks 678 points |
| Bombay Stock Exchange benchmark index Sensex plunged 3.52 per cent or 678 points on frenetic selling in index heavyweight stocks.
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| INDIA
, 21-November-2007
9:13:21 AM |
| Bombay Stock Exchange benchmark index Sensex plunged 3.52 per cent or 678 points on frenetic selling in index heavyweight stocks.
The 30-share index moved in a range of 18,515-19,218 levels before closing at 18,602. In the broader markets Nifty shed 3.80 per cent or 219 points.
"In a bull market there is always a fear that markets will fall tomorrow morning, to that extent when a crumble happens everybody sells-out. However, on every reversal, fresh money keeps on coming in," Ajay Srivastav, Managing Director of Dimensions Consulting said.
The broader index touched a low of 5,530 levels before closing at 5,561. Selling was visible in metals, capital goods, banking, real estate and consumer durable counters.
Asian markets closed weak Wednesday on the back of mixed global cues. Hong Kong’s Hang Seng and Tokyo’s Nikkei slipped into red by 4.1 per cent, 2.4 per cent respectively.
Analysts expect the markets to move sideways in short-term. However, they suggest the investors to take calculated risks based on the company's earnings and future prospects.
"These are times when you have to concentrate on businesses or companies rather than on indices. Such are the opportunities to buy stocks at lower levels. One should not bother too much about short-term hiccups," Mitesh Mehta, Director of MNM Financial Consultants said.
NTPC at Rs 239 lost 8 per cent was the biggest loser in the BSE-30 pack. BHEL, ITC Limited, Maruti Suzuki, Reliance Energy, ICICI Bank and State Bank of India also shed over 5.4 per cent each.
Among the NSE-30 scrips, HPCL, Sterlite Industries, Nalco, BHEL, Suzlon Energy, Punjab National Bank, SAIL and Unitech were the key draggers; they lost over six per cent each.
Metals crack
BSE Metal index lost 5.6 per cent was one of the key losers among the sectoral indices. Capital Goods, BANKEX, Realty and Consumer Durables indices also slipped into red by over 4.2 per cent.
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