Sensex plunges 619.60 pts, ends at year's lowest

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{image-sensex, big_27062008.jpg www.oneindia.com}Mumbai, Jun 27: The benchmark index of Bombay Stock Exchange plunged by 619.60 points to close at its lowest level this year at 13,802.22, even as Nifty index tumbled by 179.20 points to end at 4,136.65 on negative global cues and worries of spiralling inflation.

After opening the day with a sharp negative gap of 294.06 points at 14,127.76, Sensex witnessed downward pressure throughout the day on strong selling pressure across the sector, pulling it down lower to day's low of 13,760.78, which is its lowest level in more than 13 months. The Sensex lost 661.04 points at the day's low before closing lowest for this year.

The broader based S &P CNX Nifty index of National Stock Exchange 196.65 to touch a day's low at 4,119.20, which was at a 10-months intraday low. Nifty July 2008 futures was at 4,075, a sharp discount of 61.65 points as compared to the spot closing.

Nifty June 2008 expired on June 26 2008. As per reports, the marketwide rollover of positions from June 2008 contracts to July 2008 contracts in the derivatives segment stood at 82 per cent, while that of Nifty was 70 per cent.

Meanwhile, Sensex was down 6484.77 points or 31.96pc in the calendar year 2008 so far from its close of 20,286.99 on December 31' 2008. It is 7404.55 points or 34.91pc away from its all-time high of 21,206.77 struck on January 10, 2008.

The market breadth was weak. Realty, auto and banking stocks declined sharply. Shares of oil marketing and air carriers were hit hard following surge in crude oil prices.

The BSE Mid-Cap index ended 3.19 pc down at 5,559.07 after touching a 52-week low of 5,542.35. The BSE Small-Cap index shed 2.68 pc to 6,938.07, outperforming the Sensex.

The total turnover on BSE was quoted at Rs 5,890 crore as compared to Rs 5,205.78 crore a day before.

All sectoral indices on BSE ended in deep red. Bankex tumbled 5.34 pc, Power by 4.87 pc, Realty index by 4.45 pc, Metal index by 4.53 pc, Auto by 5.26pc and Oil &Gas index declined by 2.99 pc. Auto stocks dropped on heightening fear of soaring global oil prices might impact their sales. India's top tractor maker, Mahindra&Mahindra (M&M) slumped 8.98pc to Rs 503, to a 52-week low, and was the top loser from the Sensex pack, followed by Tata Motors by 8.06pc to Rs 450. The stock touched a 52-week low of Rs 445.05 on BSE.

Ashok Leyland was down 4.75pc to Rs 30.10, Hero Honda Motors by 4.80pc to Rs 679 and Maruti Suzuki India declined 3.97 pc to Rs 650.

Reliance Industries (RIL) shed 3.20pc to Rs 2167.70 on 24.72 lakh shares. The stock moved in a range of Rs 2137 and Rs 2247.

Among realty stocks, Jaiprakash Associates ended down by 7.37pc to Rs 142.10, Ambuja Cements by 7.66pc to Rs 80.80 and HDFC declined by 8.05pc to Rs 2055.

Frontline telecom stocks Bharti Airtel tumbled 3.04pc to Rs 744, Reliance Communications was down 4.79pc to Rs 472 and Idea Cellular droped 4.44pc to Rs 95.80.

Software stocks dropped on concerns about US economy slowdown that might affect their business. Wipro was down 6.25pc to Rs 450, Infosys Technologies by 4.48pc to Rs 1702 and TCS by 2.15pc to Rs 858.

UNI

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