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Sensex slips 833 points on weak global cues
Our Bureau
Mumbai, Feb. 11
It was another black Monday
for Indian bourses, after January
21, when the market fell
more than seven per cent.
The benchmark index fell
on Monday by 4.78 per cent to
close at 16,630.9. The timetested
Reliance magic just did
not work on the bourses. Instead,
it added to the gloom,
with most Sensex stocks taking
a severe beating.
As Reliance Power's much
talked about IPO staged a dismal
debut and investors continued
to fret about a global
economic slowdown bruising
profits of Indian corporates,
the Sensex slumped 833.98
points. The broader S&P CNX
Nifty was down by 5.14 per
cent.
The withdrawal of two
IPOs last week also weakened
market sentiments.
Reliance Power stock
closed on the first day of listing
at 17 per cent below the
issue price, crushing hopes of
investors to rake in early gains.
"The investors had applied
for the Reliance Power shares
in anticipation of earning
gains from the listing of
stock but instead, even
grey market premium
eroded between the time
application and listing," said
Ms Anita Gandhi, Head of Institutional
Business, Arihant
Capital Markets.
According to market pundits,
it was also the weak cues
from the global markets that
added to the market plunge.
Nikkei fell by 1.44 per cent
Dow Jones index was down
0.53 per cent, while Hang Seng
fell by 3.92 per cent.
All sectoral indices, except
BSE-IT, ended in the
today.
The top losers include Reliance
Energy (down by 19.40
per cent) and Reliance Comm
(8.62 per cent) and Reliance
(6.07 per cent).
The FIIs were net sellers
the tune of Rs 1,268.67 crore,
while domestic institutions
were net sellers by Rs 22.27
crore.
Related Stories:
Sensex tanks 612 pts to reach sub-18,000 levels
Sensex tumbles 523 points triggered by weak global cues
FIIs sell $3.2-b worth equities in January alone
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