Sensex plunges 385.66 points on weak global cues

Mumbai, Sep 5: The Sensex of Bombay Stock Exchange plunged sharply after shedding 385.66 points at 14,513.44 in the opening trading session on weak global cues.

After opening with a negative gap of 330.09 points at 14,569.01, Sensex extended the losing spree as investors were seen booking profit in blue chip scrips in the early trade, brokers said. Meanwhile, the broader-based Nifty was trading 83 points down at 4,364, after hitting a low of 4,359 in the opening trade. On Thursday, Sep 4 sharp fall in US stocks and fear of slow economic growth set negative impact in Asian markets. Key benchmark indices in Hong Kong, China, Japan, South Korea, Singapore and Taiwan were down by between 1.28 per cent to 2.85 per cent.

Back home the market breadth was weak on BSE with 1,028 shares declining against 433 advanced and 47 unchanged.

Sterlite Industries lost 3.63 per cent to Rs 590.85 on 71,786 shares. It was the top loser from Sensex pack, followed by Jaiprakash Associates down by 3.25 per cent to Rs 171, Infosys 3.04 per cent to Rs 1,735, and Maruti Suzuki India 2.85 per cent to Rs 664.40.

Reliance Industries (RIL) slumped by 3.01 per cent to Rs 2,087.90 on 2.39 lakh shares. Whereas, Banking shares declined on fresh selling despite softening in inflation rate for a second week in a row. ICICI Bank declined by 2.76 per cent to Rs 698.40, State Bank of India was down by 2.04 per cent to Rs 1,504 and HDFC Bank by 2.98 per cent to Rs 1265.

Inflation based on wholesale price index (WPI) was at 12.34 per cent on the week ended August 23, 2008, lower than previous week's 12.40 per cent, according to data released by the government on Thursday, Sep 4.

UNI