Mumbai, Oct 8: The Bombay Stock Exchange (BSE) sensitive index today came down by a whopping 281.97 points and ended at 17,491.39 as compared to the previous close of 17,773.36 on sustained heavy offloading by local operators due to fears of Mid-term general elections.
For the third consecutive day, the market drifted lower by 1.59 per cent due to concerns arising on the domestic political front, dealers said.
BSE IT index was the only index among sectoral and niche indices on BSE which was in the rising mode. Market breadth was quite weak.
Metal, auto and realty stocks plunged.
Moreover, BSE Mid-Cap and BSE Small-Cap indices underperformed in the market and Reliance Industries lost ground.
The dealers pointed out that Asian markets traded in a mixed mode, while European markets were subdued, which reflected a downward trend in the domestic market.
However, taking a taking cue from global markets, Sensex started on a firm note. It hit all-time high at the onset of the trading session, but later slipped into the red as political concerns took centrestage.
The BSE 30-share Sensex opened with an upward gap of 128.58 points at 17,901.94 and soon surged to all-time high of 17,982.59.
Sensex hit an intra-day low of 17,322.14 in afternoon trade. The S&P CNX Nifty of NSE closed down by 100.75 points, or 1.94 per cent to 5,085.10. It had hit a high of 5,249.30 in early trade and low of 5,024.75 in afternoon trade.