Market crashes by more than 500 points (Lead)

June 27th, 2008 - 12:28 pm ICT by IANS  

Mumbai, June 27 (IANS) The Indian equities market crashed in the opening trade Friday tracking weak global cues and on concerns of rising oil prices. The Nifty slipped below the 4,200-mark and the sensex fell below the 14,000-mark in the opening session. All the BSE indices were trading in red. Auto, Banking, Pharma, and realty stocks were the worst hit.

The 30-share benchmark sensitive index of Bombay Stock Exchange opened with a loss of 294.06 points at 14,127.76 points. Ten minutes into the trade, the sensex was trading at 13,884.91 with a loss of 536.91 or 3.72 percent.

At the same time, the S&P Nifty of National Stock Exchange was trading at 4,315.85 points with a loss of 151.45 points or 3.51 percent.

The market breadth was negative. On BSE, 155 shares advanced compared to 947 that declined and 15 that remained unchanged.

Wipro, Tata Motors, Mahindra and Mahindra, and Reliance Infrastructure were among the major losers at the initial trade.

Asian markets were trading lower.

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