Sensex closes 445 points lower at 19,865 points (Second Lead)

Tuesday, November 16, 2010

MUMBAI - A benchmark index of Indian equities plunged 2.19 percent to 19,865 points, the lowest level in almost a month, on heavy selling pressure amid weak Asian cues.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) dropped 445 points or 2.19 percent, the sharpest fall in over five months, to close at 19,865.14 points.

At the National Stock Exchange (NSE), the 50-share S&P CNX Nifty tumbled 2.17 percent or 132.90 points to 5,988.70 points.

All the broader market indices also closed deep in the red. The BSE midcap fell 2.15 percent to 8,266 points and the BSE smallcap index ended nearly three percent lower at 10,567 points.

Sterlite Industries, the country’s largest copper and zinc producer, plunged 5.4 percent as metal prices dropped in the international market. Hindalco Industries dropped 5.12 percent to Rs.212.05.

There was also heavy selling pressure in auto and banking scrips. Tata Motors fell nearly four percent and Mahindra and Mahindra ended nearly three percent lower.

Jaiprakash Asso, down 4.57 percent at Rs.122.20; Reliance Comm, down 3.72 percent at Rs.161.80; L&T, down 3.53 percent at Rs.2,007.40; Reliance Infra, down 3.45 percent at Rs.994.05; and Tata Power, 2.91 percent down at Rs.1,344; were among top losers at the Sensex.

Bharti Airtel was the only scrip that closed in the positive territory. The telecom major closed 1.16 percent higher at Rs.313.10.

Most other Asian indices also closed deep in the red. Shanghai Composite index plunged nearly four percent to 2,894 points.

Hong Kong’s Hang Seng fell 1.39 percent to 23,693 points and the Japanese Nikkei index closed 0.31 percent down at 9,797 points.

European stocks were also trading weak. Britain’s FTSE 100 was trading 1.31 percent down at 5,744 points.

The German DAX was down 0.51 percent at 6,755 points and the French CAC 40 was 1.38 percent lower at 3,810 points.

Filed under: Economy

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