Sensex in free-fall mode

Mumbai, March 24 | Updated: Mar 25 2005, 05:30am hrs
On the last day of the truncated week, the Sensex took a beating for the fourth consecutive day. With Thursdays fall of 11.59 points, or 0.18%, to 6,442.87, the index has lost 3.40%, or 226.65 points, in the week. The total m-cap on BSE came down by Rs 89,056 crore in the week.

The S&P CNX Nifty of The National Stock Exchange (NSE) shed 11 points to end the day at 2,015.40. The Nifty has lost 93.75 points in the week. The m-cap on NSE dipped by Rs 71,467.68 crore during the week.

The market breadth was negative with declines at 1,790 outnumbering advances at 614. The total turnover on The Stock Exchange, Mumbai (BSE) and NSE was pegged lower at Rs 2,265.67 crore and Rs 4,784.28 crore, respectively. Foreign institutional investors (FIIs) were net sellers at Rs 131.20 crore on Wednesday.

Pharma stocks that were on the upswing in the last couple of days due to the new patent regime, took a beating as investors booked profits after recent gains. Cadila was down 3.11% at Rs 488.35, and Dr Reddys Laboratories shed 0.39% at Rs 751.05. Other pharma stocks like Ranbaxy, Lupin, Novartis India, Pfizer all ended the day in the red.

The Sensex stocks which ended the day in the black comprised SBI, ITC Ltd, RIL, Tata Steel, HLL, ACC, Grasim and Zee Telefilms.