| Thursday, May 18, 2006 |
| Sensex biggest drop ever, down by 826 points |
The markets closed with sharp correction taking cues from Dow, Asian and other emerging markets. The Sensex closed at 11,391 down 826 points, which is the highest ever absolute fall for the Sensex. The NSE Nifty closed with a loss of 246 points at 3,389.
According to experts, one of the reasons for such a fall is that the US CPI numbers came on Wednesday and were worse than expectations, which could further initiate a hike in Fed rates.
On the domestic front, triggering of margin calls caused spiraling, which led to across the board selling.
Although the fall has been very steep on Thursday, but the fall in the Indian market in the last one week has been lesser as compared with a fall in the other emerging markets like Brazil, Russia and Mexico.
The BSE midcap index was down 6.4% at 5,891.12 and the BSE Smallcap was down 6.44% at 7,617.20.
The overall market breadth was negative, about 262 shares have advanced, 2216 shares declined, and 29 shares are unchanged.
All the Sensex and Nifty stocks closed in the negative terrain. All the BSE indices closed in red.
The NSE cash turnover was Rs 10565.45 crore. The NSE F&O turnover stood at Rs 44907.2 crore. The BSE cash turnover stood at Rs 4844.82 crore.
The BSE oil & gas index was down 7% at 5,557.86. The major losers were MRPL, Petronet LNG, Reliance, ONGC and GAIL.
The FMCG index was down 6.4% at 2,125.74. Stocks including Shaw Wallace, Dabur India, Colgate, Tata Tea and ITC were among the major losers.
Tags: sensex|nifty|stock market news |
posted by Stock & Shares @ 6:38 AM  |
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