Sensex tanks 625 points in opening trade

Mumbai, Jul 3: Sensex of Bombay Stock Exchange tanked nearly 625 points, while Nifty plunged about 165 points on fresh selling pressure triggered by the negative global cues in the opening trade. The benchmark index opened on a weak note and extended the losses on sustained selling across the board. Nifty fell below 4,000 mark and Sensex was hovering just above 13,000 mark in the early trade.

Realty and metal stocks battered the market. Global crude oil prices rose to a fresh record high above USD 144 per barrel yesterday. Oil has risen more than 40 per cent in the calendar year 2008. The market breadth turned negative again this morning. As many as 324 shares advanced as compared to 1,209 that declined, while 28 remained unchanged. All 30 Sensex stocks were struggling in red.

Reliance Industries (RIL) fell 3.74 per cent to Rs 2,063. Reliance Infrastructure declined by 8.17 per cent to Rs 728, Reliance Communications fell 4.29 per cent to Rs 400.15, HDFC tumbled down by 7.71 per cent to Rs 1,882.05, ICICI Bank was down by 5.94 per cent to Rs 586, Mahindra&Mahindra down 5.33 per cent to Rs 444.

The Realty index was down by 4.47 per cent to 4,519.89.

Indiabulls Real Estate down 9.15 per cent to Rs 259.50, Unitech down 5.06 per cent to Rs 162.45 and DLF down by 4.13 per cent to Rs 404.90 edged lower. The BSE Realty index had risen more than 12 per cent in previous rebound on the bourses.

UNI