Sensex crashes by 951 pts, closes at 14,809

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Sensex crashes
Mumbai, Mar 17: In the second biggest single-day fall this year, the Sensex today crashed by 951.03 points on the Bombay Stock Exchange to close at 14,809.41 on heavy selling pressure and negative sentiments in Asian Markets due to credit crisis in the US. Earlier, on January 21, the market had plunged by an unprecendented 1408.35 points.

The Sensex collapsed over 1020 points to hit a day's low of 14,738.49 from its previous close of 15,760.52 due to strong selling pressure in late trade. Meanwhile, the Nifty index of National Stock Exchange ended the day at 4,482.10 from its previous close of 4,745.80, before ending the session with a huge negative gap of 242.70 points at 4,503.10. Nifty closed at its lowest level since September 2007. Finance and banking stocks were worst hit during the day amid extended profit booking interest across the sector. Volumes were considerably low and all sectoral indices closed in red, Not a single Sensex&Nifty stock was in green.

Cues from the US financial markets were extremely negative on reports of credit crisis from US investment bank Bear Stearns, dampened the global market sentiments. Mirroring the major slowdown in the Asian markets, Indian markets were the worst hit in Asia, marketmen said.

Marketmen maintained that the fall came in after the reports of Fed Reserve emergency cut in discount interest rate and JP Morgan agreed to buy Bear Stearns for USD 2 a share.

All BSE sectoral indices ended in red. Consumer Durables were down 9.69 per cent, followed by bankex, realty. Metal index was down by nearly 8 per cent and power index by 5.58 per cent.

Market breadth remained under heavy negative pressure as about 427 shares advanced and 2580 shares declined, while 48 shares were unchanged.

The BSE Midcap and Smallcap Index ended about seven percent low at 6,124.35 and 7,522.23 respectively. These two indices hit the lowest level since late August 2007. BSE clocked a turnover of Rs 5,701 crore as against Rs 5,914.99 in the previous session. The NSE cash turnover was at Rs 12916.74 crore and the NSE F&O turnover was at Rs 40058.11 crore. The BSE cash turnover was Rs 5708.13 crore. The total marketwide turnover was at Rs 58682.98 crore.

Bankex ended at 7,569.16, down by over nine per cent as all the major banks including ICICI Bank, Yes Bank, Indian Bank slid nearly 14 per cent and Bank of India, Andhra Bank, Kotak Mahindra, Oriental Bank, Allahabad Bank also moved downwards.

Meanwhile, frontline stocks like ICICI Bank plunged 13.76 pc to Rs 757, after hitting a year's low at Rs 743. Jaiprakash Associates shed 12.08pc to Rs 207.70, HDFC declined 11.21 to Rs 2,222, Reliance Energy declined 9.42pc to Rs 1,174, Hindalco Industries came down 9.39pc to Rs 164.50 and Tata Steel was down 8.81pc to Rs 652.25.

Grasim Industries edged down 7.79pc to Rs 2,635.50 and Larsen&Toubro was down 7.24pc to Rs 2,697.45.

UNI

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