Sensex bounces back after plunging by 347 pts in panic selling

Mumbai, Apr 13: The Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) fell by more than 300 points around 1200 hrs today, plunging to an intra-day low of 11,008.43, before staging a bounceback.

The correction in the markets was much more a panic reaction and the Sensex recovered most of the day's loss within one-and-half hours of trade.

At 1356 hrs, the Sensex was down just 44 points at 11,312, as compared the last close of 11,355.

The National Stock Exchange (NSE) S&P CNX Nifty index was trading at 3,372 with a loss of seven points at 1345 hrs.

The global condition seemed to improve today as crude oil prices came down slightly to USD 68.25 per barrel in the New York Mercantile Exchange (NYMEX).

All the major markets were also in the green today with US market indices NYSE closing 0.07 per cent up, Nasdaq was 0.19 per cent up, Dow Jones was 0.36 per cent up and Japanese Nikkei was 0.66 per cent up.

But the foreign fund outflow of Rs 421.70 crore on Monday, reported by market regulator SEBI, was making an impact the market.

Earlier the benchmark index opened with a gain of eleven points at 11,366, compared to the last close of 11,355.

But soon after opening, the 30-share Sensitive Index (Sensex) fell 170 points touching a low of 11,185.

Among the sectoral indices, BSE capital goods index was down by 2.61 per cent, BSE bankex index was down by 1.88 per cent and BSE health care index was down by 1.76 per cent.

Reliance Industries Limited (RIL) was on fire touching a high of Rs 850.90 on the back of Reliance Petroleum's initial public offer getting oversubscribed by four times.

RIL was trading 2.32 per cent up at Rs 847 with a gain of Rs 19, at 1350 hrs.

The top gainers on the Sensex were - Dr Reddy's Lab, Maruti, Reliance, Hindalco, TCS, Gujarat Ambuja Cements, Tata Steel, Wipro, Tata Motors and HDFC Bank.

The top losers were - Cipla, Grasim Industries, Larsen&Toubro, Bajaj Auto, ICICI Bank, BHEL, ACC, NTPC, Reliance Energy and HDFC.

UNI