Sensex falls 306 points on fears of FIIs selling

Mumbai, Apr 12 (UNI) More than 300 points fall on the Sensitive Index(Sensex) of the Bombay Stock Exchange(BSE) today led to the key index settle at 11,355.73 points as compared to the last close of 11,662.

Soon after opening, the 30-share Sensitive Index (Sensex) crossed the 11,700 mark while touching a high of 11,702.77.

But it started slipping in the afternoon as Foreign Institutional Investors'(FIIs) sellout in Future and Options(F&O) market in large sum on Monday as reported by SEBI, triggered panic selling leading to a 400 point intra-day fall to 11,302.78.

At the end of today's trading Sensex fell by 2.63 per cent or 306.82 points which was more than the fall in the major global indices today.

US market indices - NYSE was down by 0.83 per cent, Nasdaq was down by 0.98 per cent and Dow Jones was down by 0.46 per cent, while Japanese Nikkei was down by 1.47 per cent.

Earlier in the morning,the benchmark index of the BSE opened with a gain of 30 points at 11,693, as compared to the last close of 11,662.

Also, the foreign fund outflow of Rs 427 crore on Friday, reported by market regulator SEBI had an initial impact.

From all angles the mood in the market turned negative as the crude oil prices also touched a fresh high of USD 69-70 per barrel in the New York Mercantile Exchange (NYMEX), affecting investors'sentiments.

The National Stock Exchange (NSE) S&P CNX Nifty index too closed down by 98.45 points at 3,380 in panic selling.

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