The Hindu Business Line : Sensex crashes below 10,000

Bear grip on the stock market tightened on Tuesday with the bellwether BSE-30 Sensex ending below the 10,000-mark for the first time since February 17 at 9,957.32, down 256.16 points or 2.51 per cent, on the back of a slump in global indices and continued selling by foreign funds. Sensex has now shaved off 2,655.06 points or 21.05 per cent in less than a month's time from the market peak of 12,612.38 points on May 10.

The National Stock Exchange's (NSE) S&P CNX Nifty Index fell by 79.35 or 2.63 per cent to close at 2937.30.

The overall market breadth was also tilted to the negative territory by a wide margin in both the Bombay Stock Exchange (BSE) — 2091 declines against 338 advances, and the NSE — 841 declines versus 69 advances. Only three stocks — SBI, ICICI Bank and Hero Honda — bucked the trend among the 30 Sensex stocks.

Among the BSE indices, the BSE Consumer Durable Index had the biggest fall at 5.14 per cent, followed by BSE Capital Goods (4.19 per cent), BSE Metal (4.06 per cent) and BSE FMCG (3.98 per cent). The BSE Mid-Cap and BSE Small-Cap indices also fell by 3.82 per cent and 3.88 per cent respectively.

Dealers said that any further fall in the markets would put redemption pressure on mutual funds, as investors stay away from markets. "I'll not be surprised if we start hearing about redemptions from now on," said Mr I.V. Subramaniam, Senior Fund Manager and Head - Research of Quantum Mutual Fund. Significantly, mutual funds have been net sellers in the last two trading sessions for Rs 526.85 crore. Reliance Energy (down 7.45 per cent to Rs 424.95), L&T (down 5.9 per cent at Rs 2,128.65), Hindalco (down 5.60 per cent to Rs 161.65) and ONGC (down 5.59 per cent to Rs 1,040.55) were the biggest losers on the Sensex.

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