Friday, October 17, 2008

Sensex ends below 10000

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The bears have forced the Sensex to hit below 10,000 mark on the back of negative cues from global markets. Realty, power, metal, telecom, capital goods, oil, banking and technology stocks took huge beating on the bourses.

The Sensex has closed below the 10,000 mark for the first time since July 2006 and touched an intraday low of 9,911.32, a loss of over 53% from its historic high. It took 384 sessions to go up from 10,000 to 21,207 but took only 192 sessions on its downward journey. Reliance Industries and ICICI Bank were the biggest losers in this journey. They contributed 30% to this fall. The others included L&T, Reliance Communications, Tata Steel, and HDFC.

The bellwether index finally settled at 9,975.35, down 606.14 points, or 5.73%, over its previous close. The Nifty also cracked 3,050 and hit a low of 3,046.60 in today's session. It dropped over 52% from the highest point of 6357.10 on January 8, 2008. It tumbled 194.95 points, or 5.96%, to settle at 3074.35.
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