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BSE Sensex tumbles 264 pts to one-week low

BT Online Bureau     April 9, 2012
The BSE Sensex on Monday tumbled for the second session in a row, losing nearly 264 points to settle at a one-week low of 17,222.14 triggered by sluggish Asian markets as well as US stocks index futures on acclerating China's inflation and weaker-than-expected US jobs data amid some domestic concerns.

Across-the-board selling, except some safe pharma stocks that escaped, was seen with metal, capital goods, power, PSUs, banks, consumer durable and refinery stocks boring the brunt of heavy selling.

Overall, 12 out of 13 sectoral indices closed with sharp to moderate losses between 3.44 per cent and 0.55 per cent while only BSE-HC closed with moderate gains.

Fall in Sensex-based counters like L&T, ICICI Bank, SBI, ITC, HDFC, Infosys Tech, Tata Steel, RIL, TCS, BHEL, Hindalco and ONGC together pulled out about 200 points from the sensex.

The Bombay Stock Exchange 30-share barometer resumed lower and gradually moved downwards to conclude at 17,222.14, exhibiting a drop of 263.88 points or 1.51 per cent. On April 4, it had dipped by 111.40 points or 0.63 per cent.

The NSE broad-based 50-issue Nifty also plunged further by 88.50 points or 1.66 per cent to 5,234.40.

Metal stocks led the fall and suffered the most as global hedge funds reduced their long-positions on commodities on hopes of slow-down in world economy, a broker said.

Capital goods counters too followed the suit while banking stocks were hit by fears about slowing deposit growth.

A rise in risk appetite in risky assets to further aided the fall, after the weaker-than-expected US jobs data on Friday raised concerns about the outlook for the world's largest economy.

With inputs from PTI

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