Sensex tumbles 100 points to 11,970 level

Mumbai, Sep 19: The Bombay Stock Exchange Sensitive Index (Sensex) today tumbled 100 points to 11,970.47 on nervous sell-off at the last half an hour of trading, as the Auto and the Banking sector bore the brunt on weakened global cues, prior to Federal Reserves meeting tomorrow.

Rajeev Malik of J P Morgan Chase Bank said, ''Though the interest rates are not expected to be hiked, but the details that will follow will set the momentum for the global stock movement till March 2007.'' In addition, it is notable that FIIs have maintained a consistent fund flow in the market for the last four days, whereas in contrast, the domestic mutual funds have started to sell. Experts believe, that now the FIIs are thinking long term, and the domestic MFs are covering the long held positions, which has reflected in negative on the bourses today.

The S&P CNX Nifty too declined below the 3500 mark to close 35.40 points down at 3457.30 points.

Meanwhile, the benchmark Asian indices were mixed with the Nikkei rising 7.35 points or 0.05 per cent to close at 15,874.28, whereas the Hang Seng index slipped 40.51 points or 0.23 per cent to end at 17,346.70.

The crude oil price also rose for a third day on Tuesday, climbing above US Dollar 64 a barrel. US light crude for October delivery rose 25 cents, to US Dollar 64.05 a barrel, extending a rebound from last Friday's intra-day, six-month low of US Dollar 62.03 a barrel.

BSE today clocked a turnover of Rs 3691.66 crore.

The breadth too in the broader market turned negative in favour of 1,589 declines as against the 944 advances out of 2,603 scrips that traded the BSE counters today.

Amongst the BSE sectoral indices the Auto sector declined 1.81 per cent, followed by Consumer Durables sector down by 1.72 per cent and the Capital Goods sector by 1.64 per cent.

Major gainers on the BSE-30 Sensex were Satyam Computers up by 1.79 per cent to Rs 837.90, Reliance Computers up by 1.41 per cent to Rs 331.30, TCS up by 1.34 per cent to Rs 1,010.20, ICICI up by 0.32 per cent to Rs 646.75 and Dr Reddy's Lab up by 0.19 per cent to Rs 756.20.

Besides the losers were Tata Motors down by 3.25 per cent to Rs 831.10, Maruti udyog down by 2.68 per cent to Rs 916.25, Reliance Energy down by 2.44 per cent to Rs 456.60, Gujarat Ambuja down by 2.33 per cent to Rs 113.35, Grasim Industries down by 2.29 per cent to Rs 254.40, Tata Steel down by 1.93 per cent to Rs 488.55, L&T down by 1.75 per cent to Rs 2,647.10, ACC down by 1.68 per cent to Rs 940.10 and ITC down by 1.63 per cent to Rs 184.05.

UNI

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