Sensex down by 176.85 pts

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Mumbai, June 10 (UNI) The benchmark Sensitive index of the Bombay Stock Exchange was quoted below the 15,000 mark to end in the red at 14,889.25 with a loss of 176.85 points on heavy all round selling pressure by Foreign Institutional Investors and local investors.

The sensex has crashed by 682 points in the last two days.

The nifty index of NSE was quoted below 4500 level and closed down at 4449.80 with a loss of 51.15 points from its last finish. The index has moved down by 176 points in the last two sessions.

Stocks dropped in Asia after US Federal Reserve Chairman Ben Bernanke's warning on inflation yesterday fanned expectations of higher US interest rates later this year. Key benchmark indices in Hong Kong, Japan, China, South Korea, Singapore and Taiwan were down between 1.49 per cent and 7.73 per cent.

European markets were weak. Key benchmark indices in France, Germany and UK were down between 0.58 per cent and 0.84 per cent, which reflected in downward trend in the Indian bourses, brokers pointed out.

It was another edgy session for the markets with bears again taking charge over bulls. Selling in technology, banking, realty, FMCG, metal and some oil stocks put pressure on the markets.

The Nifty recovered nearly 80 points and the Sensex 243 points from day's low.

The BSE clocked a turnover of Rs 5,265 crore today as compared to a turnover of Rs 5,053.75 crore yesterday.

Turnover traded by the markets stood at Rs 72981.82 crore. This includes Rs 13788.37 crore from NSE Cash segment, Rs 53893.3 crore from NSE F&O and the balance Rs 5300.15 crore from NSE F&O segment.

The market recovered some of the lost ground in late trade after the barometer index BSE Sensex and the S&P CNX Nifty tumbled to its lowest in 2008 in mid-afternoon trade. Weakness in global markets weighed on the domestic bourses.

Healthcare stocks and shares of public sector oil marketing firms rose even as IT, realty and banking stocks declined.

The 30-share BSE Sensex opened below 15,000 level at 14,979.76 points. At the day's low of 14,645.31 the Sensex lost 420.79 points in mid-afternoon trade.

Earlier, after opening on a subdued note on weak global cues, the market had recovered to trade in green for a brief period. At the day's high of 15,088.03, Sensex gained 21.93 points in early trade.

The broader based S&P CNX Nifty of NSE resumed firm at 4522.00 points from it last close of 4500.95 points. Nifty had hit a low for 2008 at 4369.80 today.

The market breadth was weak on BSE with 982 shares advancing as compared to 1,640 that declined. 76 remained unchanged. Among the 30 stocks from Sensex pack, 20 were trading in red.

The BSE indices also suffered a major setback as BANKEX index crashed steeply by 170.99 points or 2.43 per cent to close low at 6862.33 points, followed by METAL index by 123.69, or 0.80 per cent at 15,265.92 points, REALTY index by 121.61,or 2.11 per cent at 5630.61 points, IT index by 121.02, or 2.75 per cent at 4283.96 points, PSU index by 79.53 points, or 1.23 per cent at 6390.28, SML CAP index by 75.38 points or 1.02 per cent at 7341.16, MID CAP by 66.50 points, or 1.08 per cent at 6103.83 points, TECH index by 65.72 points or 1.94 per cent at 3323.17 points and FMCG index by 36.61 points or 1.58 per cent to close at 2276.59 points.

Market may also be keeping a watch on the industrial production numbers for April 2008, which the government will unveil on Thursday, which will give a cue on the extent of slowdown in the Indian economy, caused by high interest rates.

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