The stock market suffered a setback after the initial rally as global worries re-emerged and ended 208 points lower due to across the board selling pressure.
The Bombay Stock Exchange (BSE) barometer crumbled by a huge 442.25 points from the day’s high of 15.542.40. Finally, it ended the day at 15,100.15, a net a loss of 207.83 points or 1.36 per cent from Wednesday’s close of 15,307.98.
Similarly, the broad-based S&P CNX Nifty of the National Stock Exchange (NSE) dipped by 58.90 points or 1.32 per cent to close at 4,403.20 from previous close of 4,462.10.
The market faced heavy onslaught of panic selling after a meltdown in Hong Kong stocks, which tumbled from the day’s high and ended in red after French bank BNP Paribas and a US-German financial institution were reportedly caught up in concerns over the sub-prime mortgage market.
European markets too were down nearly 1.5 pc in early trade this afternoon. Bourses changed course after the news spread in markets fuelling heavy profit booking by investors, which expected a downward correction as indicated by high volatility in the past couple of sessions.
