Sensex plunges by 366.88 pts to end at 11,328.36 pts

Mumbai, Oct 8 (UNI) The key benchmark Bombay Stock Exchange Sensex plummeted for the third straight day today by 366.88 points and ended in red at 11,328.36 points on the Bombay Stock Exchange (BSE), from its last finish on some extended selling pressure by local operators in view of bearish phase at Asian markets.

Similarly the Nifty index of National Stock Exchange also crashed by 92.95 points to settle at 3513.65. The Sensex has by recovered 587.6 points and Nifty by 184.2 points from an intraday low of 10,740.76 and 3329.45 points respectively, though the Sensex nosedived by 1197.96 points in the last three days.

Brokers said that it was a terrible session for the markets, as benchmark indices got crushed in line with global markets meltdown, but they have managed to recover in second half of the session and ended off day's low.

Just after the Indian market closed, the Federal Reserve, European Central Bank and four other central banks announced cut in their interest rates in an unprecedented, emergency coordinated bid to ease the economic effects of the financial crisis. The Fed cut its benchmark rate by 0.5 per cent to 1.5 per cent. Earlier in the day, in a major development, the UK Treasury announced a .4 billion plan to inject money into the banking system to prevent a collapse of the UK banking system.

The Finance Minister's statement also helped the markets a bit. Benchmark indices had started with sharp cut following weak global markets, as Fed Chairman Ben Bernanke had made cautious comments on US financial space. First couple of hours were dreadful for the markets but in the second half of session, markets recovered sharply from day's low.

About 605 shares have advanced, while 2,381 shares have declined. Nearly 196 shares remained unchanged.

Total turnover traded in markets stood at Rs 75,587.35 crore.

This includes Rs 12,807.82 crore from NSE Cash segment, Rs 57,666.95 crore from NSE F &O segment and balance Rs 5,112.58 crore from BSE cash segment. BSE clocked the turnover of Rs 5,085 crore today as compared to a turnover of Rs 4,741.54 on previous day.

However,trading in the BSE and NSE will remained officially closed here tomorrow for Dussera, brokers added.

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