Sensex sheds 385 pts on weak global cues

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Mumbai, Nov. 5 Weak global cues coupled with selling pressure saw the BSE-Benchmark index losing 385.45 points on Monday.

The Sensex, which opened positively at 20009.35, fell to an intraday low of 19502.45 (falling by over 500 points) before finally closing at 19590.78.

With festival season around the corner, local markets saw a lot of profit booking by investors.

“There has been a lot of nervousness in the global markets which has pulled them down considerably. Also the rising crude oil prices added to weak sentiment,” said Ms Anita Gandhi, Head of Institutional Business, Arihant Capital Market Services Ltd.

In Asia, Hang Seng was down by 5.01 per cent and Nikkei 225 dipped 1.50 per cent.

Major losers

The major losers of the day were ONGC which dipped by 4.91 per cent, ICICI Bank fell by 4.49 per cent, L&T (3.89 per cent), Infosys Technologies (2.72 per cent), Maruti Suzuki (2.53 per cent), ACC Ltd (2.34 per cent) and ITC Ltd (2.34 per cent).

S&P CNX Nifty fell 0.12 per cent and closed at 5925.40.

“Interestingly, some mid-cap and small-cap stocks gained, as investors thought safer to bet on them rather than going for blue chips,” said a dealer.

The BSE-Midcap and BSE-Smallcap proved outperformers as they registered a gain of 0.12 per cent and 1.07 per cent, respectively. FIIs were net sellers at Rs 1,093.16 crore, whereas DIIs were net buyers to the tune of Rs 648.69 crore, according to provisional data on the BSE.

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(This article was published in the Business Line print edition dated November 6, 2007)
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