Sensex falls below 13,000; Nifty below 4,000

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{image-sensex, big_15072008.jpg}Mumbai, Jul 15: Benchmark sensitive index of BSE today quoted below of 13,000 mark, touching a low of 12,928 points at the mid-morning session with a big loss of 375.35 points from its last close of 13,330.51 points on sustained heavy offloading in all round sections by local operators.

The Nifty index of NSE also quoted below 4,000 level and touched a low at 3,925.15 with a huge loss of 118 from its last close. Key benchmark indices extended losses for the third straight day amid weak global cues and concerns about the fallout from the credit crisis. BSE Sensex fell below the 13,000 level in opening trade before regaining that level shortly. The S &P CNX Nifty slipped below the psychological 4,000 level.

Political uncertainty along with the continued redemption pressure in India-dedicated funds also weighed on the sentiment.

Battered IT pivotals made a comeback on fresh buying. However Ranbaxy plunged for the second straight day. The market breadth was weak.

Later, the 30-share BSE Sensex was down 283.96 points or 2.10 per cent at 13,051.20. The Sensex opened with 263.43 point downward gap at 13,067.08 and plunged further to touch a low of 12,928.10 in early trade. At the day's the Sensex lost 402.41 points. The broader-based S &P CNX Nifty was down 84.75 points or 2.10 per cent at 3,954.95 The market breadth was weak on BSE with 1,010 shares declining as compared to 401 that advanced. 38 remained unchanged.

Among the 30-member Sensex pack, 26 declined, while the rest them managed to register gains.

Ranbaxy tumbled 7.76 per cent to Rs 439.50 on 5.26 lakh shares.

It was the top loser from Sensex pack. The stock continued to suffer losses for the second straight day after plunging 10.86 per cent yesterday on reports the US government has leveled serious allegations against the company. India's largest private sector firm by market capitalisation and oil refiner Reliance Industries declined 1.27 per cent at Rs 2,020.65 on 1.53 lakh shares.

Banking shares were depressed on fresh selling. HDFC Bank was down by 5.30 per cent to Rs 978 followed by ICICI Bank by 3.49 per cent to Rs 559.70, and State Bank of India by 4.19 per cent to Rs 1,205 were the key losers from banking pack.

Mahindra &Mahindra eased 3.93 per cent to Rs 525 and ITC came down by 2.79 per cent to Rs 163.60 edged lower from the Sensex pack.

India's largest cellular services provider in terms of market capitalisation Bharti Airtel lost 3.58 per cent to Rs 710.50. South African mobile phone operator MTN Group has reportedly sent feelers to Bharti Airtel for reviving talks, if it fails to clinch a deal with Reliance Communications.


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