Sensex drops 229 points to 10-day low

Sensex closed 1.21 per cent lower amid weakness in European stocks ahead of a key meeting to discuss the region’s debt crisis.

Published: 08th October 2012 10:07 AM  |   Last Updated: 08th October 2012 06:06 PM   |  A+A-


The Sensex on Monday fell by over 229 points to close at 18,708.98, its lowest in 10 days, on heavy selling in RIL, SBI and L&T amid weakness in European stocks ahead of a key meeting to discuss the region’s debt crisis.

After opening slightly weaker on weak Asian cues, the BSE benchmark index stayed in the negative zone throughout the session and touched the day’s low of 18,684.40.

Dragged down by realty, oil and gas, capital goods and consumer durable shares, Sensex finally closed 229.48 points or 1.21 per cent lower at 18,708.98. This is the lowest closing for the index since 18,579.50 on September 27.

The 50-share NSE Nifty index ended 70.95 points down or 1.23 per cent at 5,676. “Selling pressure in heavyweights led to fall of over 1 per cent today. Lower opening of European indices as well as weaker US Futures also hit sentiment,” said Nidhi Sarswat, Senior Reseach Analyst, Bonanza Portfolio.

RIL was the worst hit among 30-share Sensex on Monday as it dropped 4.51 per cent. Hindalco (3.52 pc), Bhel (3.44 pc), L&T (3.09 pc), SBI (2.97 pc), Tata Motors (2.87 pc), Tata Power (2.5 pc) and Wipro (2.18 pc). Pharma stocks, however, bucked the trend.

In BSE, 1,515 stocks fell while nearly 1,383 scrips rose. M-cap fell by Rs 62,000 crore to Rs 65.71 lakh crore.

Globally, European stocks are trading over 1 per cent down on reports that World Bank has cut its East Asian growth forecast. Sentiments were also weak ahead of Eurozone finance ministers meeting shortly to discuss the region’s debt crisis.

Meanwhile, the rupee slumped over 1 per cent to 52.51 against the US dollar in afternoon trade.


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp