Sensex declines 550 pts; sectoral indices in red by 5 pc

Mumbai, May 31 (UNI) In an intra-day trading full of negativity, the BSE Sensex plummeted to a day's low and was trading at 10,235 points at 1400 hrs, showing a slide of 550 points.

The crash at the Bombay Stock Exchange (BSE) Sensitive Index (Sensex) was primarily attributed to weak global markets, weaker commodity prices and sharp falling metal indices.

All the BSE indices are trading in red by more than five per cent points. Metal index is down by eight per cent, FMCG is down by 6.5 per cent, midcap is down by 4.5 per cent and capital goods is down by five per cent.

Similarly, the National Stock Exchange S&P CNX Nifty has gone down by 150 points and was trading at 3,027.17, with market breadth in favouir of 888 declines with respect to 24 advances on the NSE.

Some of the major losers on the BSE Sensex were - ONGC, Hero Honda, Gujarat Ambuja Cement, Maruti Udyog Ltd, Cipla, Grasim, MTNL, VSNL and ITC, all down between 4-8 per cent.

Meanwhile, Union Finance Minister P Chidambarm has said the Government has done well to contain the inflation rate, foreign exchange reserves, and interest rates, which has made Indian economy strong, hence, there is no need to worry.

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