Sensex plunges 450pts due to political uncertainty

Mumbai, Jul 8: The key indices of the stock market plunged in the opening trade on prevailing worries over political uncertainty coupled with negative global cues. Sensex shed over 450 points near the level of 13K, whereas Nifty tumbled below 4,000 level, shedding over 110 points on sustained selling pressure across the sector in the early trade.

All the sectoral indices on BSE were in struggling in red. Realty, banking and oil and gas stocks were worst affected in the fall. Asian markets retreated after sharp declines in shares of top US mortgage firms Fannie Mae and Freddie Mac on funding concerns reminded investors about the fragility of global credit markets, marketmen observed. Key benchmark indices in Taiwan, Singapore, Hong Kong, South Korea, Japan were trading in negative zone.

Backhome, the BSE Mid-Cap index down by 2.15 per cent at 5,225.03, while the Small-Cap index was down by 1.46 per cent to 6,496.45.

Reliance Industries declined by 3.71 per cent to Rs 1,953, Infosys Technologies fell 2.1 per cent to Rs 1,766, Indiabulls Real Estate down by 5.61 per cent to Rs 250.50, Unitech down by 5.97 per cent to Rs 157.50 and DLF down 3.64 per cent to Rs 410.50, plunged in the early trade.

Banking stocks declined. State Bank of India declined by 5.3 per cent to Rs 1,108.80, ICICI Bank down by 4.45 per cent to Rs 576.90 and HDFC Bank down 3.79 per cent to Rs 968.95.

Reliance Infrastructure tumbled 7.71 per cent to Rs 718.50, Jaiprakash Associates down by 4.84 per cent to Rs 152.35, Larsen&Toubro down 3.45 per cent to Rs 2,283.80 and ONGC lost 3.05 per cent to Rs 860.

UNI