Sensex logs third biggest fall of 678.18 points

MUMBAI: Stock market on Wednesday went into a tailspin with the benchmark Sensex registering its third biggest fall of 678.18 points on heavy selling of stocks in metal and capital goods sector.

Crude oil reaching a record high of more than $99 a barrel and weak global trend affected the trading sentiments in the domestic market.

The Bombay Stock Exchange (BSE) barometer opened lower at 19,197.57 and gradually moved downward to intra-day low of 18,515.30. However, it recovered a bit to close at one-week low of 18,602.62, a fall 678.18 points from Tuesday's close of 19,280.80.

The broader S&P CNX Nifty of the National Stock Exchange (NSE) also fell by 219.85 points to close at 5,561.05 from previous close of 5,780.90.

BHEL closed 6.3 per cent deep in red at Rs 2,486.10, L&T 5.25 per cent at Rs 4,108.60, RIL 2.33 per cent at Rs 2,722, NTPC 8.03 per cent at Rs 239.50 and Tata Steel 4.3 per cent at Rs 822.

The Sensex registered the biggest absolute fall of 826.38 points on May 18, 2006, followed by the second-largest loss of 717.43 points on October 18 this year.

Marketmen said that bulls resorted to heavy unloading of long outstanding positions, reacting negatively to skyrocketing crude prices and weak global cues coupled with reports about a likely hike in securities transaction tax (STT).

According to provisional data, FIIs were the net sellers of equity worth Rs 26.80 crore on November 19.

Asian indices ended sharply lower, while European markets were weak during early trade.