Sensex plunges 900.84 pts, Nifty tumbles 5.18 pc

Written by:
Subscribe to Oneindia News

Mumbai, Mar 3: The BSE Sensex tumbled sharply by 900.84 points, the second biggest single day point fall, to close at 16,677.88 points today, while Nifty nosedived by over five per cent in the first post budget session on strong selling presures.

Banking, power and realty stocks were the worst hit due to profit booking interest, triggered by the hightening worries of global slowdown. However, pharmaceuticals, auto and some FMCG stocks sustained the fall and closed in green, brokers said. Market witnessed a blue moon day as the 'populist budget', presented on Friday by the Union Finance Minister P Chidambaram, also failed to boost sentiments, a senior official with a leading broking company said.

BSE began the new week with a huge negative gap of over 350 points at 17,227.56. Sensex continued the down slide on weak global cues and hit a day's low at 16,634.63, dipped 944.09 points from its previous close of 17,578.72 on sustained profit booking across the sector in the late trade, before closing with a wide negative gap.

Meanwhile, broader based Nifty index of National Stock Echange dropped 270.50 points to close below 5,000 at 4,953.00 from its previous close of 5,223.50, after hitting a day low of 4,936.05 in the late trade.

BSE Small-cap and Mid-cap shed over 4 per cent and all the sectoral indicies ended into deep red.

Even after the proposal in the budget that the Government will reimburse the farmers' loan waiver, the public sector banks were worst hit today, Punjab National Bank plunged 9.65 per cent lender State Bank of India with Bank of India tumbled over 8.5 per cent.

Reality and power stocks on BSE sectoral index registered a downfall of over 6.35 per cent.

BSE registered a turnover of Rs 5090 crore as against Rs 6,721.65 crore in its previous session. Nifty March 2008 futures were at 4882, a discount of 71 points as compared to spot closing of 4953. The NSE's futures&options (F&O) segment turnover was Rs 36591.82 crore, lower than its previous turnover of Rs 49,083.49 crore.

Frontline shares, Reliance Capital plunged 10.29 pc, Reliance Industries (RIL) fell 6.24 pc to Rs 2304.75 and ICICI Bank was down by 6.10 pc at Rs 1,024.45.

The BSE Power index fell 6.35 pc to 3,437.75. It underperformed the Sensex. Suzlon Energy fell 10.40 pc at Rs 252.05, Tata Power slipped 6.78 pc at Rs 1,306.05, Reliance Energy tumbled 5.24pc at Rs 1,485.55 and Reliance Power fell 4.32 pc at Rs 412.

The BSE Realty index fell 6.39 pc to 8,953.95, India bulls 10.75 per cent and DLF shed 8.44pc at Rs 714.70, followed by Parsvnath Developers down 6.27 pc, Ansal Properties&Infrastructure down 6.22 pc and Housing Development&Infrastructure down 5.97 pc, joined the losers.

However, Hero Honda Motors was up 1.26 pc at Rs 774.10 and Maruti Suzuki gained 0.82 pc at Rs 874.30. The auto stocks were in demand as cut in excise duties in the Union Budget raised expectation of pick up in sales in coming months.


Please Wait while comments are loading...