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Our Bureau

Mumbai, July 25 The stock market which opened weak on Friday was driven to a steeper decline on news of the Bangalore bomb blasts.

There appeared to be an upward move in the Sensex around mid-day, but a couple of hours later the blasts extinguished all enthusiasm.

Also, investors continued to book profits in some frontline heavyweight stocks.

The Sensex shed 500 points, closing at 14274.94, down 3.40 per cent from its previous close. The broader S&P CNX Nifty was down 2.74 per cent.

With the markets rallying during the past few days, there was some profit-taking which pushed them down, said Mr Sanjay Sinha, Chief Investment Officer, SBI Mutual Fund.

The fall was led by Reliance Industries and a handful of banking stocks.

Global cues continued to be weak since Thursday’ data on US home sales were weak, said analysts.

However the mid-cap and small-cap indices declined only marginally, by 0.15 per cent and 0.25 per cent respectively.

Foreign institutional investors were net sellers to the tune of Rs 565.73 crore, while the domestic institutions sold for Rs 302.41 crore (net).

The scrips which fell the most include ICICI Bank (9.62 per cent), HDFC Bank (7.17 per cent), and Reliance Industries (6.90 per cent).

Amongst the sectoral indices, BSE-Bankex fell the most, by 5.75 per cent. It may be recalled that Bankex was the highest index gainer in the last four trading sessions.

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