Sensex tumbles 692.37 pts in opening session

Mumbai, Jan 21: The Bombay Stock Exchage (BSE) sensitive index plunges 692.37 points to skid below 19K level at 18,321.33 on sustained selling pressure following the weak global cues this morning.

Nifty at National Stock Exchange (NSE) dived 209.75 points to 5,497.25 after opening flat in the early trade. Market breadth was extremely weak on selling pressure. BSE Mid-cap and small cap were low by more than five per cent and all the sectorial indices were in deep red. Reality index tumbled over 7 per cent and metal index was down by 6.51 per cent, brokers said.

Pharma major Ranbaxy Laboratories was the lone gainer from Sensex pack. The stock rose 2.16 per cent to Rs 392 in the opening trade. Apart from this, all the major scrips slid heavily. DLF slumped 6.10 per cent to Rs 944.50 on 72,102 shares.

It was the top loser from Sensex pack.

HDFC Bank was down 5.47 per cent to Rs 1485, ITC down 5.54 per cent to Rs 201.20, and Reliance Communications declined 5.58 per cent to Rs 663, were the other losers from Sensex pack. Reliance Industries fell 3.50 per cent to Rs 2704.50. The number of shares that changed hands on the counter were 2.30 lakh.

Asian markets were trading lower today and US market tumbled for a fourth day on last Friday, though US president George Bush has called for a package of tax cuts and other measures after weak recent reports on employment, retail sales, factory activity, and housing construction. Under consideration in the package announced by Bush are ideas like tax rebates, incentives for businesses, and extensions of unemployment insurance.

Foreign Institutional Investors (FIIs) pressed heavy sales in the recent trading sessions. As per provisional data, FIIs sold shares worth a net Rs 2146.92 crore on Friday. FIIs sold index futures worth Rs 2455 crore on Friday. They sold index options worth a net Rs 138.42 crore. FIIs sold individual stock futures worth Rs 373.76 crore on that day.

UNI