D-Street bleeds, Sensex sheds about 500 pts
MIL/Agencies, Dec 11, 2006.
December 11, 2006 - The stockmarket plunged further in early afternoon trade on Monday led by ICICI Bank and State Bank of India after the Reserve Bank of India tightened monetary policy while Tata Steel dropped on its raised bid for Anglo-Dutch steel maker Corus.
A sell-off had gripped bank shares, while telecom service providers, cement and auto shares had drifted lower.
At 12:50, the Sensex was down 328.51 points or 2.38% at 13,470.98 and the Nifty was down 93.35 points or 2.36% at 3,868.65. Sensex plummeted over 300 points in mid-day session after remaining range-bound in early afternoon trade.
The market-breadth was weak. For 1,596 shares declining on BSE, 776 rose. A total of 62 shares were unchanged. Losers outpaced gainers by a ratio of 2:1.
The BSE clocked a turnover of Rs 2,290 crore.
Among the 30-Sensex pack, 5 advanced while the rest declined. In NSE, there were 151 advances and 791 declines.
Among the sectoral indices, almost all were trading in the negative territory. Banking stocks plunged 5.37%, metal stocks declined 2.35%, PSU stocks fell 1.85%, FMCG stocks were down 0.96% while IT stocks rose marginally at 0.16%.
The major market movers on Sensex were Satyam which gained 0.78% to Rs 460.25; Infosys rose 0.67% to Rs 2,211.90, Cipla rose 0.61% to Rs 248; TCS jumped up 0.37% to Rs 1,180.55 and ONGC rose 0.23% to 842.45. ABB, Satyam, BPCL, Infosys and Cipla were the major gainers in the NSE.
The major BSE losers were State Bank of India which declined 5.87% to Rs 1,274, ICICI Bank fell 4.93% to Rs 833.50, HDFC Bank was down 4.15% to Rs 1,040, Tata Steel fell 4.14% to Rs 462.45 and ACC fell 2.59% to Rs 1,076.60 .
Full story: http://economictimes.indiatimes.com/articleshow/774659.cms
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