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Metal, Cement meltdown triggers over 500 pts. fall on Sensex

Written by: Staff
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Mumbai, May 15 (UNI) The Bombay Stock Exchange's (BSE) sensitive index (Sensex) crashed by 514 points around 1500 hrs to the lowest point of the day of 11,770.76 points, triggered by a meltdown in the metal scrips.

This was the biggest intra-day fall since May 17, 2004.

Sensex finally closed down by 3.77 per cent or 462.91 points at 11,822.20 as compared to the last close of 12,285.11 on Friday.

The National Stock Exchange(NSE)S&P CNX Nifty index too plunged deep in the red falling by 167 points to a day's low of 3,482.85.

Nifty finally closed 147 points down at 3,502 points.

Selling was much more pronounced in the metal scrips due to global commodity meltdown.

The BSE Metal index fell by 10.68 per cent or 1,188.05 to 9,937.62 points.

The big losers on the metal counter were Aditya Birla group company Hindalco down by 13.34 per cent to Rs 210.15 and Tata Steel down by 9.07 per cent to Rs 585.70.

Cement sector also suffered heavy losses with Grasim Industries down by 5.55 per cent to Rs 2,125.95; Gujarat Ambuja Cement fell by 4.81 per cent to Rs 100.90 and ACC fell by 3.94 per cent to Rs 861.85.

However, selling was across the board and index heavy weight Reliance Industries was down by 4.29 per cent to Rs 1,021.15; More than 500 points fall on the Sensex was in tune with global markets that were down today, Newyork Stock Exchange closed lower by 1.35 per cent; US technology index Nasdaq closed 1.27 per cent lower; Dow Jones Industrial Average closed 1.04 per cent down and Japanese index Nikkei closed 0.69 per cent down.

Earlier, the Bombay Stock Exchange's (BSE) sensitive index (Sensex) opened 13 points lower at 12,272 as compared to the last close of 12,285.

Market sentiments were down after Rs 1,199 crore foreign fund outflow reported on Thursday by market regulator SEBI and global markets closing lower further worsened the market sentiments.

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