Share prices in eight sectors hit yearly low

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Mumbai, Oct 6: Tremors of the ongoing global financial crisis jolted the country’s bourses badly, battering eight of the sectoral indices in the Bombay Stock Exchange (BSE) to their 52-week lows on Monday.

Consumer durables, realty, metal, power, teck, oil & gas, IT and capital goods indices were the worst hit at Dalal Street on Monday. Dealers said heavy selling pressure was seen throughout the day in all sectors and this led to stocks performing poorly.

Shailesh Kanani, head, research, infrastructure and real estate, at Angel Broking, said, “In the past few months, we have seen the real estate sector performing badly due to the global financial crises. We assume that this poor trend is going to continue in the realty sector for the next 12 month.” The Realty index was down by 329.66 points or 9.91% and ended the day at 2,999.99 points.

“The only factors which can save the realty sector in India will be some correction in the interest rates and a surge in the sales of property. Otherwise, this instability will continue,” added Kanani.

The worst performing sector among the BSE sectoral indices was CD, which lost 318.06 points or 11.01% to close the day at 2,569.60 points. IT also registered a decline of 181.03 points or 5.82% and ended the day at 2,929.25 points.