Sensex plunges 460 pts on weak global cues

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Mumbai, Jul 25: Extending the previous down trend, Sensex plunged over 460 points at the day's low of 14,315, on sustained selling pressure triggered by weak global cues. The key indices dived due to strong profit booking interest.

Banking, oil and gas and realty stocks were the worst hit till the mid-morning trade on Friday, July 25. IT shares pared some early gains, as rupee came of the high. An overnight sharp fall in US stocks and rise in oil prices weighed on the Asian market. This also reflected in local stock market. Oil firmed up marginally. Crude oil for September delivery was at USD 126.15 per barrel, up by 66 cents, on the New York Mercantile Exchange (NYMEX). Oil bounced back after some traders purchased contracts following the prices slipped more than five per cent in the previous sessions.

Back home, the broader based S &P CNX Nifty slipped 90 points or 2.04 per cent at 4343.25. The BSE Mid-Cap index was down by 0.95 per cent to 5,527.97 and Small-Cap index was down by 0.56 per cent to 6,757.76.

The market breadth was negative on BSE with 745 shares gaining against 1,335, that declined. While 51 remained unchanged.

Banking shares fell sharply. ICICI Bank slumped 7.42 per cent to Rs 669, HDFC Bank was down by 6.94 per cent at Rs 1,129.90, Axis Bank down by 4.13 per cent at Rs 730.10, Yes Bank down by 3.83 per cent at Rs 126.80 and State Bank of India down by 2.86 per cent at Rs 1,436. The Bankex dropped 5.52 per cent at 6,768.15.

Inflation based on the wholesale price index rose to 11.89 per cent for the week ended July 12, 2008, marginally lower than previous week's annual rise of 11.91 per cent.

Rise in crude oil prices knocked down oil stocks. Reliance Petroleum was down by 3.95 per cent at Rs 160.60, GAIL India was down by 2.22 per cent at Rs 368.25, Indian Oil down by 2.19 per cent at Rs 395.30, ONGC down by 1.10 per cent at Rs 1,016 and HPCL was down by 0.93 per cent at Rs 228.

Reliance Industries slipped 5.59 per cent at Rs 2,177.70. Strong refining margins helped Reliance Industries (RIL) post 13.2 per cent growth in net profit to Rs 4,110 crore on 41 per cent growth in turnover to Rs 41,805 crore for the quarter ended June 30.

Anil Dhirubhai Ambani-controlled Reliance Natural Resources fell by 3.19 per cent at Rs 95.65.

UNI

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