JOIN USBourses crash as bears run riot
The popular Sensex at BSE Sensex lost 365.23 points or 2.17 per cent to settle at 16,501.74, its lowest closing level since August 29, 2011. The index tumbled 473.93 points at the day’s low in afternoon trade and 198.72 points at the day's high of 16,668.25 in early trade.
The 50-unit S&P CNX Nifty at NSE shed 112.65 points or 2.23 per cent to settle at 4,946.80 in the day’s closing, which is its lowest since August 29, 2011. The Nifty hit a low of 4,911.25 in intraday trade. A setback in global stocks caused by worries the Greek government may default on its debts and reports that Moody’s Investors Service may downgrade France’s largest banks over their exposure to Greece, pulled Indian indices sharply lower for second day in a row.
The IIP growth for July, 2011 came in at 3.3 per cent. The dismal number was mainly on account of poor performance by capital goods, manufacturing and mining sectors, reflecting sluggishness in the economy. Broader indices, the BSE mid-Cap index fell 1.84 per cent and the BSE Small-Cap index declined 1.86 per cent. The market breadth was weak as all the 13 sectoral indices were in the red.