Sensex crashes down by 143 points

Mumbai, Dec 23: The barometer index of BSE crashed steeply by 142.78 points or 1.05 per cent and closed lower at 13,471.74 for the week ended on Friday. The S&P CNX Nifty of NSE also slipped by 17.50 points or 0.5 per cent and finished at 3,871.15 during the week-ended on Friday, brokers said.

The market continued its journey downward, posting losses for the third straight week.

The 30-shares BSE Sensex gained 116.57 points, to 13,731.09 on December 18, on strong buying in index pivotals, especially for index heavyweight Reliance Industries (RIL).

The BSE Sensex plunged 349.08 points on December 19, 2006, to close at 13,382.01, amid high volatility following a sell-off across Asian emerging markets, sparked by a 10 per cent penalty imposed on foreign funds moving out Thailand within a year, by its central bank.

The Sensex lost 41.80 points to close at 13,340.21 on December 20 following a mixed trend in index pivotals.

The BSE Sensex settled with a gain of 44.65 points, at 13,384.86, as buying resumed. On December 22, 2006, the BSE index gained 86.88 points to close at 13,471.74, as buying picked up in the fag end of the trading session.

PSU oil exploration major ONGC advanced by 5.7 per cent to Rs 869. There were reports of huge gas finds in the Bay of Bengal, initial estimates suggesting reserves of about 21 trillion cubic feet.

Reliance Industries (RIL) advanced by 1.5 per cent to reach at Rs 1,272. It has paid an advance tax of Rs 444 crore for the third installment, taking its total remittance to Rs 1,102 crore, compared to Rs 848 crore paid in the same period last year, reports said.

Also, there were reports that RIL is talking with the Russian government for it's permission to invest in a refinery and petrochemical industry there.

Unconfirmed reports suggested that the company had acquired Orient Craft, a leading garment exporter.

Maruti Udyog rose 2.13 per cent to close at Rs 922.10, after the Cabinet Committee on Economic Affairs (CCEA) approved the sale of the government's residual 10.2 per cent stake. Japanese car giant Suzuki has a majority 54.2 per cent stake in the company. The government's stake in Maruti is valued at Rs 2,800 crore, brokers said.

UNI

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