Sensex tumbles 571 pts, Nifty sheds 3 pc in early trade

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Mumbai, Mar 3: The benchmark Sensex tumbles 571.75 points to touch a low near 17K level while Nifty slipped over 3 per cent on strong profit booking interest across the sector in the post budget first session.

After resuming the day with a negative gap of 351.16 at 17,227.56 points, Sensex extended the loss to touch at 17,007.97 on Bombay Stock Exchange. BSE mid-cap and small-cap index were down by nearly two per cent. Except auto index, all the sectoral indices were struggling in red. Bankex was down by over four per cent while IT, Power and Reality indices were down by about three percent in the early trade.

Broader based Nifty index of National Stock Exchage dipped over 170 points to hit a low at 5,052.30, after opening with on weak note at 5,222.80 in the morning trade.

The key benchmark tumbled in early trade as Asian stocks fell sharply amid growing concerns about the global impact of a US slowdown. The US market tumbled on February 29 after a series of economic reports and a record loss at insurer American International Group Inc stirred fears of recession in US economy, brokers said.

The market breadth was weak on BSE as 367 scrips advanced and 1325 declined, while 29 stocks remained unchanged. Reliance Industries fell 3.18 per cent at Rs 2380, ICICI Bank fell 4.68 per cent to Rs 1039.90 and Larsen&Toubro fell 2.64 per cent to Rs 3430.

Meanwhile, ITC was down 5.57 per cent, Bharat Heavy Electricals was down 4.65 per cent, Bharti Airtel down 3.95 per cent, Wipro slid 3.83 per cent and Housing Development Finance Corporation (HDFC) down by 3.66 per cent, were the other losers.

Foreign Institutional Investors (FIIs) were the net sellers of Rs 523.24 crore in the futures&options segment on last Friday. They were net sellers of index futures to the tune of Rs 1,084.92 crore and bought index options worth Rs 737.39 crore. They were net sellers of stock futures to the tune of Rs 179.85 crore and bought stock options worth Rs 4.13 crore.

UNI

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