India’s main market index down nearly 800 pointsMarch 17th, 2008 - 3:54 pm ICT by admin
Mumbai, March 17 (IANS) India’s stock markets suffered extended losses Monday and kept slipping further and further into the red and slid by nearly 800 points, moving below the 15,000 mark early afternoon. At 1.46 p.m., the 30-share BSE Sensex was down 791.43 points or 5.02 percent at 14,969.09, its lowest level since late August 2007.
At the same time, the broader based S&P CNX Nifty was down 215.10 points or 4.53 percent at 4,530.70.
The market tumbled as the fire sale of ailing US bank Bear Stearns and the Federal Reserve’s emergency cut in its discount rate intensified concerns that there could be more victims of the global credit crisis.
Metals, realty and banking stocks were major losers among sectoral indices on BSE. Ranbaxy Laboratories, Jaiprakash Associates and HDFC declined sharply. The market breadth was extremely weak. All the BSE sectoral indices were in the red.
On BSE 2,166 shares declined as compared to 323 shares that advanced; 59 remained unchanged.