Equity markets keep getting battered (Second Lead)

June 10th, 2008 - 4:26 pm ICT by IANS  

A file-photo of Sensex

Mumbai, June 10 (IANS) The Indian equities markets, which started Tuesday with a huge loss tracking weak global markets, took a fresh battering early afternoon. The Sensex was trading at over 260 points below its previous close. IT, banking, technology, realty and consumer durables scrips were being offloaded by investors. Barring healthcare products, all sectoral indices were in the red.

The market breadth was extremely negative, with 1,670 declining, only 844 advancing and 67 remaining unchanged on the Bombay Stock Exchange (BSE).

The 30-share benchmark index of the BSE, the Sensex, fell below the psychologically important 15,000 mark for the second consecutive day since March 19.

The S&P Nifty index of the National Stock Exchange hit the year’s new low at 4,387.70 points, 113.25 points below its previous close.

At 1:30 p.m., the Sensex was down 261.58 points or 1.74 percent at 14,804.52. At the day’s low, it had touched 14,743.08 points.

At the same time the Nifty was at 4,392.30, still 108.65 points or 2.41 percent below its previous close.

But market analysts were optimistic that equities would bounce back enough in late trade to take the Sensex above the 15,000 mark again.

All other Asian markets were also in the red, though Dow Jones and Nasdaq had closed in the green Monday.

The top gainers till early afternoon included Ranbaxy Labs, Cipla, Reliance and BHEL, while the losers included ONGC, HDFC Bank, HDFC, and Infosys.

Related Stories

Tags: , , , , , , , , , , , , ,

Posted in Business |