Sensex down by 303 points

MUMBAI: In see-saw trade, the Bombay Stock Exchange benchmark Sensex extended losses for the second day on Wednesday by losing another over 300 points on heavy selling across counters.
    
The 30-share barometer gyrated in a wide range before concluding the day at 9,536.33, a fall of 303.36 points or 3.08 per cent over previous close. In two days it has shed nearly 1,000 points.
    
Marketmen said a slew of factors contributed to choppy trade today. Weak global bourses and fall in the collections of excise and customs duties in October particularly dampened the spirit. This bit of news came a just after reports of export growth falling in September, dampening the sentiment, they added.
    
Expectations of more capital outflows also weighed on the market, brokers said.
    
The bellwether index lost 280 points in early trade but it recovered sharply on encouraging numbers on industrial growth. It even seemed that the crucial 10,000 level is very well within the day's trade when the index touched the day's high of 9928.60 points.
     
However, by mid-session profit-booking emerged bringing Sensex steeply lower. It even plunged to day's low of 9376.73 points before rising again to settle day at 9,536.33 points.
    
Brokers said 4.8 per cent growth in industrial production in September, after a mere over 1 per cent expansion in the previous month, revived buying for a brief period.
    
Broader Nifty of the National Stock Exchange also dropped further by 90.20 points or 3.07 per cent to 2,848.45 from last close.
    
Besides China, most of the other Asian indices ended in the red while European, after surrendering initial gains, were quoting lower this morning following feeble cues from Wall Street last night.
    
The credit problems originating from the US is fast spreading to other global markets as many of the developed and some developing economies are heading toward recession, despite some positive steps by major central banks to fight the financial crisis to maintain investors' confidence .
    
From Sensex pack, Jaipra Asso lost 9.13 per cent, DLF Ltd 8.61 per cent, ICICI Bank 8.35 per cent, REL Infra 6.53 per cent, Hindalco 5.75 per cent, HUL 4.79 per cent, Sterlite Ind 4.57 per cent, M&M 4.24 per cent, L&T 4.20 per cent,
Bharti Airtel 4.10, SBI 3.86 per cent and RIL 3.72 per cent.
    
The market breadth remained negative with 1,701 losers against 818 gainers.
    
The trading volume remained low at Rs 3,690.41 crore. RIL continued to be the top traded share with the highest turnover of Rs 350.37 crore followed by SBI (Rs 230.13 crore), Reliance Capital (Rs 176.22 crore), ICICI Bank (Rs 162.40 crore) and
REL Infra (Rs 148.26 crore).
    
The broad-based BSE-100 index dipped by 146.84 points or 2.91 per cent to 4,895.90 from its previous close of 5,042.74.
    
The BSE-200 Index and the Dollex 200 also declined to 1,139.44 and 386.12 at close compared to their last close of 1,172.85 and 407.35 respectively.
   
Led by realty, bank and metal segments, all sectorial indices ended in negative terrain. The BSE-Realty ended lower by 162.07 points or 7.34 per cent, Bankex by 237.83 points or 4.38 per cent, BSE-Metal by 191.88 points or 3.67 per cent and the BSE-CG by 273.35 points or 3.63 per cent.
   
The BSE and the NSE will remain closed on Thursday, November 13, on account of "GURUNANAK JAYANTI".