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| World Home » Business » | Fri. May 16, 2008 |
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Stock market still swinging, 372 points lower after early rise MIL/Agencies, Jan 24, 2008. Mumbai, India: The stock market remained fluctuating, it fell back sharply after early signs and ended 372 points lower amid anticipation that the market will again test the bottoms. The BSE bellwether Sensex is reported to have swung in a 1,115-point range. It initially rose by 591 points and later fell by 524 points from the last closing levels on alternate bouts of buying and selling from the investors. Market players said the market failed to get any impact of strong global cues even as investors faced a liquidity crunch due to their commitments in the primary market, which absorbed a large chunk of money in the last couple of weeks. The Rs 11,000-crore mega IPO of Reliance Power, which was oversubscribed 73 times, absorbed a major portion of funds. Many investors subscribed to the offer, but later reportedly placed stop-payment requests with banks after the two-day stocks carnage on January 21 and 22. The Sensex ended the day at 17,221.74 from previous close of 17,594.07, a net fall of 372.33 points, or 2.12 per cent. Touching the intra-day high of 18,185.10 points at the outset, the BSE 30-share index later fell sharply to a low of 17,070.05 points The broader S&P CNX Nifty of the National Stock Exchange also dropped 169.95 ponts, or 3.27 per cent, to close at 5,033.45 from its last close of 5,203.40. Sustained FII pullout from the equity market was the prime concern for investors. As per provisional data, Foreign Institutional Investors (FIIs) made net sales of Rs 3,021 crore on Wednesday taking the outflows to Rs 13,524 crore in the last six days. They, however, were net buyers to the tune of Rs 4,040 crore in the Futures & Options segment on the same day, as per PTI.
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