Sensex slips 438 points, closes at 17,559

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Mumbai, Oct 19: The Sensex today slipped by another 438.41 points to close at 17,559.98 on the Bombay Stock Exchange on a day of high volatility with Foreign Institutional Investors (FIIs) resorting to selling in the wake of SEBI's proposal to curb foreign fund inflows through Participatory Notes (PNs).

The benchmark Sensex index started with slight recovery at 18,031.77 and declined sharply in first half of the trading session but recovered some ground on value buying coupled with short covering at lower levels later. It shed over 635 points in the afternoon session to touch an intraday low of 17,226.18 and swinging on volatility of the market it ended at a loss in the late sessions, dealers said.

Meanwhile, the broader based S&P CNX National Stock Exchange (NSE) Nifty index declined by 135 points, a dip of 2.54 per cent, to end at 5,215.30. It swung at a high of 5390.85 and a low of 5101.75 during the intraday trade.

Dealers maintained that intense volatility was the hallmark of the day"s session, with the market swinging sharply. Total cash market turnover on BSE crossed Rs 9,500 crore mark. European markets and Asian markets were trading lower today.

Selling by the Foreign Institutional Investors (FIIs) hit the bourses for the third straight day today following market regulator Securities&Exchange Board of India's (SEBI's) proposals to put a curb on FII inflows through the participatory notes (PN) route, market analysts observed.

According to dealers, India"s second largest power utility by net sales Reliance Energy was the top loser from the Sensex pack. It plunged 16.30 per cent to Rs 1332 on 42.74 lakh shares. Hindalco Industries came down 6.39 per cent to Rs 175, Maruti Suzuki India was down 6.77 per cent to Rs 1071, and Bharat Heavy Electricals by 5.65 per cent to Rs 2059.

Reliance Industries (RIL) was down 3.72 per cent to Rs 2480 from its day"s low of Rs 2413.05.

However, Reliance Communications, the country"s second largest private telecom services provider in terms of market capitalisation, was the top gainer from the Sensex pack. It surged 2.50 per cent to Rs 729.50 on 71.86 lakh shares. Tata Steel was up 1.67 per cent to Rs 850.10), Infosys Technologies 0.88 per cent to Rs 1905 and ONGC rose to Rs 1118.

Crude oil, meanwhile, held firm within sight of its new USD 90 per barrel high on rising fears over pre-winter fuel stocks which lent support to an over 13 per cent surge in under two weeks. US light crude for the soon-to-expire November contract rose 5 cents to USD 89.52 a barrel. The contract touched a record high of USD 90.02 in after-hours trade.


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