Samvat 2064 ends on uncertain note
Written By
DNA Web Team
| Updated:
On the eve of 'Festival of Lights', the investors were warned of likely black days ahead with the Samvat 2064 ending on a high level of uncertainty
MUMBAI: On the eve of 'Festival of Lights', the investors were warned of likely black days ahead with the Samvat 2064 ending on a high level of uncertainty as the benchmark Sensex swung wildly before ending 192 points lower in sync with global markets.
Bouncing intra-day by 812 points, the Bombay Stock Exchange 30-share barometer ended the day at 8,509.56, a net fall of 191.51 points or 2.20 per cent from its last close.
The market experienced a roller-coaster ride, diving by 1,004 points to a three-year intra-day low of 7,697.39 as investors became panicky and resorted to frenzied selling triggered by a global meltdown.
The Sensex, however, regained 8,000 level after aggressive buying support from domestic institutional investors, which have been engaged in the salvage operation ever since the global credit crisis surfaced.
Brokers said Foreign Institutional Investors too were seen covering their shorts at the fag-end of the day.
The broader 50-share Nifty of the National Stock Exchange also shed 59.80 points or 2.31 per cent to close at 2,524.20 from its last close.
Defying government's efforts, which seemed too short to ward off the threat of a slowdown, panic-stricken investors dumped their stocks as Asian indices hit more than four-year lows during the day.
The market was highly volatile also due to the expiry of derivative series on Wednesday in view of 'Diwali' holidays on October 28 and 30. However, there will be a 'Muhurat' trading between 1815 hours and 1915 hours on October 28.
Globally, the Hang Seng tumbled by 12.70 per cent, Nikkei by 6.36 per cent, Shanghai Composite by 6.32 per cent and Taiwan's weighted index by 4.65 per cent.
French market was down 5.52 per cent, London 4.06 per cent and Germany 2.45 per cent in their morning session.
India's largest public sector lender State Bank fell by 8.63 per cent despite a 40 per cent growth in the net profit for the July-September quarter.
Among other key losers, Tata Motors was down 13.95 per cent, Mah & Mah 13.71 per cent, Jaiprakash 10.33 per cent, Grasim 9.57 per cent, Tata Power 8.75 per cent, L&T 7.13 p34 cent, HDFC 7.12 per cent, Hindalco 6.81 per cent, ITC 6.38 per
cent, Wipro 6.25 per cent and Hind Unilever 6.18 per cent.
However, India's private sector lender ICICI Bank gained 2.03 per cent despite a 27.4 per cent fall in the consolidated net profit for the second quarter.
Bharti Airtel spurted by 5.99 per cent, the country's largest private sector firm Reliance Ind by 5.83 per cent, Reliance Infra by 3.97 per cent, Reliance Comm by 3.62 per cent and Sterlite by 3.40 per cent.
The market breadth remained negative with 2,016 losers against 518 gainers on the BSE.
The trading volume was low at Rs 3,388.65 crore. RIL clocked the highest turnover of Rs 358.21 crore followed by REL Capital (Rs 181.64 crore), SBI (Rs 175.53 crore), ICICI Bank (Rs 145.55 crore) and Unitech (Rs 108.96 crore).
The small-cap and mid-cap shares registered heavy losses, which could be gauged by a huge fall in their respective indices. The small-cap index dropped by 182.99 points or 5.00 per cent and the mid-cap index by 129.45 points or 4.18 per cent.
Bouncing intra-day by 812 points, the Bombay Stock Exchange 30-share barometer ended the day at 8,509.56, a net fall of 191.51 points or 2.20 per cent from its last close.
The market experienced a roller-coaster ride, diving by 1,004 points to a three-year intra-day low of 7,697.39 as investors became panicky and resorted to frenzied selling triggered by a global meltdown.
The Sensex, however, regained 8,000 level after aggressive buying support from domestic institutional investors, which have been engaged in the salvage operation ever since the global credit crisis surfaced.
Brokers said Foreign Institutional Investors too were seen covering their shorts at the fag-end of the day.
The broader 50-share Nifty of the National Stock Exchange also shed 59.80 points or 2.31 per cent to close at 2,524.20 from its last close.
Defying government's efforts, which seemed too short to ward off the threat of a slowdown, panic-stricken investors dumped their stocks as Asian indices hit more than four-year lows during the day.
The market was highly volatile also due to the expiry of derivative series on Wednesday in view of 'Diwali' holidays on October 28 and 30. However, there will be a 'Muhurat' trading between 1815 hours and 1915 hours on October 28.
Globally, the Hang Seng tumbled by 12.70 per cent, Nikkei by 6.36 per cent, Shanghai Composite by 6.32 per cent and Taiwan's weighted index by 4.65 per cent.
French market was down 5.52 per cent, London 4.06 per cent and Germany 2.45 per cent in their morning session.
India's largest public sector lender State Bank fell by 8.63 per cent despite a 40 per cent growth in the net profit for the July-September quarter.
Among other key losers, Tata Motors was down 13.95 per cent, Mah & Mah 13.71 per cent, Jaiprakash 10.33 per cent, Grasim 9.57 per cent, Tata Power 8.75 per cent, L&T 7.13 p34 cent, HDFC 7.12 per cent, Hindalco 6.81 per cent, ITC 6.38 per
cent, Wipro 6.25 per cent and Hind Unilever 6.18 per cent.
However, India's private sector lender ICICI Bank gained 2.03 per cent despite a 27.4 per cent fall in the consolidated net profit for the second quarter.
Bharti Airtel spurted by 5.99 per cent, the country's largest private sector firm Reliance Ind by 5.83 per cent, Reliance Infra by 3.97 per cent, Reliance Comm by 3.62 per cent and Sterlite by 3.40 per cent.
The market breadth remained negative with 2,016 losers against 518 gainers on the BSE.
The trading volume was low at Rs 3,388.65 crore. RIL clocked the highest turnover of Rs 358.21 crore followed by REL Capital (Rs 181.64 crore), SBI (Rs 175.53 crore), ICICI Bank (Rs 145.55 crore) and Unitech (Rs 108.96 crore).
The small-cap and mid-cap shares registered heavy losses, which could be gauged by a huge fall in their respective indices. The small-cap index dropped by 182.99 points or 5.00 per cent and the mid-cap index by 129.45 points or 4.18 per cent.