Sensex crashes by 940 points during week

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Mumbai, Sep 27: The continuing global meltdown consequent to the US financial crisis extended the uncertainty in the Indian bourses for the second week, with the sensitive index of the BSE crashing by 940.14 points and the Nifty touching a new low in two years.

The liquidity crisis in the US saw the foreign institutional investors extending the selling spree, pulling out from key pivots in the Indian market. The S &P CNX Nifty index of National Stock Exchange (NSE) ended the week at 3,985.25 losing 260 points in the five-day trade. Brokers said that key benchmark indices suffered a severe setback mirroring weak global market and amid impasse over the proposed USD 700 billion bailout deal for the US financial sector. Sustained selling by foreign institutional investors weighed on the market sentiment and the market posted losses in four out of five trading sessions. Among index pivotals, Ranbaxy Laboratories and Hindalco Industries hit 52-week low on BSE.

The BSE Mid-Cap index lost 287.96 points or 5.50 per cent to 4,940.82 in the week ended September 26. The BSE Small-Cap index also slipped by 354.21 points or 5.69 per cent to 5,861.78 in the week. The BSE Sensex was down by 7184.84 points or 35.41 per cent in the calendar year 2008 so far, from its close of 20,286.99 on December 31, 2007. It is 8104.59 points or 38.21 per cent below its all-time high of 21,206.77, struck on January 10, 2008.


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