Sensex plunges by 717.43, closes at 17,998.39

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Mumbai, Oct 18: After touching a all-time high of 19198.66 today, the Bombay Stock Exchange (BSE) sensitive index plunged by 717.43 points to close at 17,998.39 in choppy trade in a jittery market.

The Sensex today made a start with a gain of over 100 points at 18,827 and went on gaining further during the morning trade.

Aggressive buying in select stocks saw the index zoom past the 19K level to touch a fresh all-time intra-day high of 19,199.

Later, due to selling pressure, the Sensex slipped into negative zone touching intraday low of 17,771, down 1,428 points from the day's high, dealers said.

Meanwhile, the broader based S&P CNX NSE Nifty index came down by 208.30 points, or 5.02 pc, to 5,351. It hit all-time high of 5,736.80 in early afternoon trade and touched a low of 5,269.65 in late trade.

According to dealers, Banking, metal, realty, power stocks witnessed heavy selling. IT stocks held the fort in the market meltdown. Reliance Industries and Reliance Energy declined sharply.

ACC plunged after announcement of Q3 results. European markets were trading weak and Asian markets were in green.

Earlier, shrugging off concerns arising from Securities&Exchange Board of India's (SEBI's) proposal to clamp down FII inflow through participatory notes (PN), the market had surged to all-time high in early afternoon trade. Reliance Industries (RIL) declined after hitting all-time high ahead of its results today.

BSE clocked a turnover of Rs 11,570 crore today compared to previous day turnover of Rs 10,308.13 crore.

Of the 30 shares of the Sensex, 6 moved up, while the remaining traded low.

Reliance Industries (RIL), which today became the first Indian company to attain the market capitalisation of over USD 100 billion, was down 5.74 per cent to Rs 2,536. It had hit an all-time high of Rs 2,805 earlier during the day.

Banking majors declined sharply. BSE's banking sector index Bankex was the major loser from sectoral indices on BSE. ICICI Bank was down 8.02 per cent to Rs 1,027.25, HDFC Bank by 5.54 per cent to Rs 1,378.80 and State Bank of India by 8.78 per cent to Rs 1,668. r.

Heavy selling was witnessed in metal counters. Tata Steel came down 3.92 per cent to Rs 835, Sterlite industries by 2.7 per cent to Rs 880.10, Steel Authority of India by 5.4 per cent to Rs 233.15 and Hindalco Industries by 6.54 per cent to Rs 185.

Realty stocks also declined as DLF came down 7.37 per cent to Rs 830, Indiabulls Real Estate by 4.78 per cent to Rs 550 and Unitech was down 4.26 per cent to Rs 326.75.

Similarly, Power stocks fell sharply. NTPC ended down 6.25 per cent to Rs 207, Power Grid Corporation of India by 3.62 per cent to Rs 131.80, Reliance Energy by 11.5 per cent to Rs 1,559.80 and Tata Power Company ended down 10.63 per cen to Rs 1,051.

However, TCS rose 2.73 per cent to Rs 1,125 after India's top software services exporter secured a USD 1.2 billion 10-year contract from information and media firm Nielsen Co. It was the top gainer from Sensex pack, followed by Wipro up 1.58 per cent to Rs 493.60 and Satyam Computer Services up 0.82 per cent to Rs 461.

Infosys was down by 0.58 per cent to Rs 1,879.

UNI

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