Sensex tumbles by 385.45 pts on weak global cues

Mumbai, Nov 5: The Bombay Stock Exchange (BSE) sensitive index tumbled by 385.45 points to close at 19,590.78 on weak global cues, that triggered heavy selling pressure in Asian markets today.

The benchmark Sensex kicked off over the 20K level but soon slipped in the red amid choppy deals in early sessions. It posted a day's high of 20,009.35 and a low of 19,502.45 during the day trade, marketmen said.

Similarly, the National Stock Exchange index Nifty lost 85.10 points to close at 5,847.30 as compared to previous close of 5,932.40. The benchmark Nifty started at 5,931.90 in early trade, touched a day's high of 5,948.55 and a low of 5,819.60 during the day trade.

The dealers maintained that weakness in the market persisted almost throughout the day and selling was seen in most sectors on poor overseas cues and possible lack of interest from foreign buyers.

Almost all key stocks including Reliance Industries, Auto, banking, FMCG and metal stocks witnessed selling pressure. Bharti Airtel bounced back after the recent sharp fall.

According to dealers, the market breadth was positive on BSE and only 5 of the 30 Sensex stocks closed with gains today. The BSE Mid Cap index rose 0.67pc to 8,075.81 and BSE Small Cap index rose 1.07pc to 9,847.02. Both these indices outperformed the Sensex. BSE posted a turnover of Rs 9,008 cr.

Banking majors declined, reflecting a weak sentiment on financial markets elsewhere in Asia on renewed credit worries. Bnking stocks were the major loser among BSE sectoral indices as ICICI Bank came down 4.46pc to close at Rs 1,274 followed by HDFC Bank, down 2.46pc to Rs 1,715.50 and State Bank of India closed 0.08 pc low to Rs 2,249.90.

The Country's largest oil exploration firm by sales, ONGC declined by 4.47 pc to Rs 1,305 and was the top loser from the Sensex pack. Auto stocks declined across the board. Tata Motors declined by 2.07 pc to Rs 739.55, followed by Mahindra&Mahindra, down 1.56pc to Rs 742.10, Hero Honda Motors down 1.85pc to Rs 662, Maruti Suzuki India down 2.97pc to Rs 991 and Bajaj Auto was down 0.97pc to Rs 2,400.

Metal stocks plunged. Sterlite Industries was down 3.51pc to Rs 990.50), Hindalco Industries by 1.95pc to Rs 183.85, Steel Authority of India was down 1.54pc to Rs 256.10 and Tata Steel down by 1.33pc to Rs 882.

However, Bharti Airtel shares rose 5.94pc to Rs 948 on fresh buying after the stock fell more than 11pc in the last two sessions.

Reliance Natural Resources surged 30pc to Rs 184.65. Among other gainers, Shree Digvijay Cement was up 20pc to Rs 34.80, Camlin up 20pc to Rs 224.40, J M Financial was up 20pc to Rs 2,291.45.

UNI