Markets crash at early trade (Lead)June 12th, 2008 - 12:42 pm ICT by IANS
Mumbai, June 12 (IANS) The Indian equities market lost the entire gains made the day before as weak global cues and the repo rate hike by the Reserve Bank of India weighed heavily on the market Thursday. The benchmark indices slumped at early trade. Banking, realty and metal stocks were the worst hit. All the sectoral indices were in red.
The 30-share benchmark sensitive index of the Bombay Stock Exchange opened with a loss of 227.79 points at 14,957.53 points. Ten minutes into trade, the Sensex was trading at 14,811.79 with a loss of 373.53 points or 2.46 percent.
At the same time, the S&P Nifty of the National Stock Exchange was trading at 4,429.60 with a loss of 94 points or 2.08 percent compared to its Wednesday’s close.
The market breadth was negative. On BSE, 288 shares advanced compared to 1,082 that declined and 18 remained unchanged.
HDFC Bank, DLF, ICICI bank were the top losers at the initial trade.
Asian markets were trading lower.