Sensex drops 238.15 pts on weak global cues

Mumbai, Sept 10: The Sensex on Wednesday, Sep 10 tumbled by 238.15 points on the Bombay Stock Exchange to close at 14,662.61 due to sustained selling pressure in late trade on weak global cues.

After opening positive with a loss of 188.23 points at 14,717.53, Sensex hit a day's low of 14,609.83 and lost 290.93 points in late trade. Meanwhile, the broader based Nifty of National Stock Exchange hit a day's low of 4,382.35, slid 86.35 points before closing with a loss of 68.45 points at 4400.25 in late trade. Weak global markets weighed heavily on the bourses, pulling down both the indices with a considerable gap. However, the key indices covered ground slightly in late trade, led by recovery in banking stocks, brokers said.

Metal shares were hit badly today led by Sterlite Industries plunging over 11 per cent and Tata Steel sliding by 5 per cent. Index frontliner Reliance Industries dropped over 3 per cent.

The market breadth was weak on BSE, 1716 shares declined against 944 that advanced and 77 remained unchanged. The total turnover on BSE amounted to Rs 5152 crore on BSE as compared to Rs 4,587.35 crore in the previous session.

UNI