Sensex at two-year low; dips by 725 pts

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Posted: 2008-10-06 17:09:47+05:30 IST
Updated: Oct 06, 2008 at 1709 hrs IST

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Bank stocks wilt, ICICI Bank down 10 pct Bank stocks wilt, ICICI Bank down 10 pct Sensex down 323 pts, dips to 3-year low Sensex closes below the 9,000 mark

The exodus of foreign funds sent the country's stock market crashing down by 725 points, even as the global financial crisis continued to eat away confidence in the markets.

The 30-share stocks barometer Sensex, which had lost 529.35 points in the previous session, plunged by another 724.62, or 5.78 per cent to close at a two-year low of 11,801.70.

Funds indulged in all-round selling in heavy-weight stocks of consumer durables, metals, capital goods and realty sectors. Sensex touched the day's low of 11,732.97 and a high of 12,284.49 points.

The wide-based National Stock Exchange index Nifty dropped by 215.95 points, or 5.66 per cent at 3,602.35 after dipping to a low of 3,581.60 during the session.

Marketmen and analysts said the sentiment turned distinctly weak after reports that credit crisis deepened in Europe, adding to concern that global economic growth will slow. Germany announced a new bailout package totalling 50 billion euros for Hypro Real Estate, the country's second biggest commercial property lender and the UK said it would rescue its lenders.

They said depreciating rupee against the US dollar too had downward effect on the stock prices.

All the sectoral indices, led by consumer durables goods, metals and realty fell between 3.50 to 11 per cent.

The BSE Consumer Durables index suffered the most with a fall of 318.06 points, or 11.01 per cent at 2,569.60 as Gitanjali Gems fell by 16.75 per cent at Rs 155.85, Titan Industries lost 11.48 per cent at Rs 953.85 and Videocon Industries tumbled 9.99 per cent at Rs 185.50.

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Comments

» The UPA seems NOT to have learnt its lessons,going by the FDI cap increase!

Posted by ramesh on 2008-10-07 08:08:52.845596+05:30
The policies of the UPA are all wrong,and it still favours the Globalist Elites,at the cost of India,an anti-national act!

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» success has many fathers

Posted by Dr.G.G.Rajan on 2008-10-07 06:31:52.436487+05:30
When the share prices and the index were raising, both PM

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» India shining

Posted by Bharat on 2008-10-07 04:49:31.010089+05:30
The UPA government's economic policies are showing true colors - Where is the aam aadmi with this economic turmoil ? With economist prime minister, obsessed with nuclear deal, India's economy is shining under BSE meltdown! Show this government the door that has created cultural, economic and political havoc throughout India.

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» bse index

Posted by MR VIPUL THAKORE on 2008-10-06 20:56:59.454595+05:30
Now is the time to buy for retail and Instituttional investors.FII have used most of their 'fire power' and the fundamentals of the Indian Economy are still good even after discounting the GDP Growth from average 9 % in last few years to about 7.5 % in current fiscal year.The RBI should support our currency now to keep the US dollar at about 45 Rs. which would further reduce inflation in view of the falling oil price.

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» Stock Market Myth

Posted by Kiran on 2008-10-06 16:31:24.435385+05:30
Did anybody jumped out of the window yet? Where are all those analysts who are predicting Sesex will be 25000 by this Diwali? Where's Rakesh Junjunwala, so called stock market guru? These economists, analysts are nothing but bunch of jokers. I've more respect for palm readers than these jokers. When stock market is booming it's called wealth creation. What's it now? Can you create wealth at gambling den? People, go back to work. Get a life! Please don't jump out of the window.

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» Stock Market Myth

Posted by Subramanya on 2008-10-06 23:00:50.861116+05:30
What you said it 100% correct, Kiran.Trading in shares is nothing short of gambling. Instead of relying on the hype people can make money by speculating, people should concentrating on hard work and creation of real wealth, and not these artificial wealth.

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Sensex at two-year low; dips by 725 pts

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