Sensex crashes over 700 pts at 14,860.48 pts

Mumbai, Jun 9 (UNI) Benchmark index of BSE today crashed sharply by 711.70 points to touch a month low at 14,860.48 points from its last close of 15,572.18 on sustained heavy selling pressure across the sectors.

Brokers said that the record high crude prices and weak global cue created havoc on the domestic markets with Sensex tanking more than 700 points in early trade. All the sectoral indices on BSE were in red. Realty, power and auto stocks were hit hard. The S&P CNX Nifty fell below 4500 mark.

Oil prices surged by their biggest real one-day gain ever on Friday, 6 June 2008, rocketing over USD 10 to a new record high above USD 139 a barrel, taking this year's gains to 44 per cent. Oil prices edged lower to USD 137.7 today, 9 June 2008.

In the mid-morning session, the 30-share BSE Sensex was down 593.02 points at 14,978.90. At the day's low of 14,846.18 the Sensex lost 716.40 points in early trade. Before it resumed red at 15,115.97 points.

The BSE major indices also in weak points at BSE OIL&GAS index crashed steeply by 5,212.82 points to 9,484.26, followed by METAL index by 572.96 at 14,942.43, METAL index by 492.51 to 11,540.13 points, BANKEX index by 341.83 at 6924.45 points and PSU by 343.30 at 6,323.29 points.

The broader-based S&P CNX Nifty index also quoted below 4600 barriers and present it touched a low at 4,450.40 points, down 177.40 points or 3.83 per cent from it last close of 4,627.80 points. It opened flat at 4,626.45 points. The Nity recorded a low at 4,411.60 and high at 4,626.45 in mid-morning session.

Among the 30 stocks from Sensex pack were trading in red. Realty stocks declined. Unitech was down by 6.43 per cent to Rs 190.65, Indiabulls Real Estate declined by 6.1 per cent to Rs 398.25 and DLF declined 4.99 per cent to Rs 494 edged lower.

Power stocks fell. Reliance Infrastructure was down by 4.8 per cent to Rs 1,047.85 followed by Reliance Power by 4.75 per cent to Rs 184.40, PowerGrid Corporation of India by 4.31 per cent to Rs 83.30, Tata Power Company by 3.92 per cent to Rs 1,225 and NTPC by 2.63 per cent to Rs 161.30 edged lower.

Auto stocks fell. India's largest commercial vehicles maker by sales Tata Motors declined by 4.83 per cent to Rs 513.95. Mahindra&Mahindra eased by 2.95 per cent to Rs 565, Maruti Suzuki India dropped 1.72 per cent to Rs 740, Hero Honda Motor declined by 1.77 per cent to Rs 742 edged lower.

Jaiprakash Associates was down by 5.74 per cent to Rs 189.50, Bharti Airtel eased by 4.12 per cent to Rs 769 , HDFC Bank slipped 4.24 per cent to Rs 1,185, BHEL came down by 4.18 per cent to Rs 1,362 and ONGC dropped 4.3 per cent to Rs 898.10 edged lower from the Sensex pack, brokers added.

UNI AR GR SM1222