Stock market opens with sharp drop, slips over 400 points

March 13th, 2008 - 12:53 pm ICT by admin  


Mumbai, March 13 (IANS) The Indian equities market Thursday opened with a sharp cut in line with its global peers. There was heavy selling by investors in key sectors during early trade. The 30-share benchmark sensitive index of the Bombay Stock Exchange opened with a loss of over 250 points at 15,873.28 and crashed to 15,636.10 in subsequent trade with a huge loss of 420 points.

The Nifty has lost 2.68 percent or 130.35 points at 4,741.65, around 25 points off a low of 4,741.65 it had touched after opening at 4,868.70.

The market breadth was extremely negative. In the initial trade 1,374 scrips advanced, 1,610 declined and 69 remained unchanged.

Other Asian markets were also trading weak. Japan’s Nikkei fell 2.03 percent or 261.08 points at 12,600.05. Hong Kong’s Hang Seng tumbled 2.35 percent or 549.89 points at 22,872.87. Taiwan’s Taiwan Weighted declined 0.66 percent or 55.36 points at 8,379.94. Singapore’s Straits Times plunged 1.13 percent or 33.04 points at 2,884.90. South Korea’s Seoul Composite was down 1.30 percent or 21.62 points at 1,637.21.

Reliance Energy, GAIL, BHEL, RPL, Tata Power, Siemens, HDFC bank, SBI, Suzlon, Reliance were the top laggards at initial trade here.

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