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Sensex plunges 200 points as stocks tumble on selling pressure

Source : SIFY
Last Updated: Mon, Oct 08, 2012 08:55 hrs
People walk pass BSE building in Mumbai

With selling pressure gathering greater force, the market, which faltered after a modest recovery earlier in the day, has plunged deeper into the red now.

The Sensex , which tumbled to 18,715.75, is now down with a loss of 200.64 points or 1.06% at 18,737.82. The Nifty is down with a loss of 65.50 points or 1.14% at 5681.45.

Realty stocks are down sharply. Mirroring their decline, the BSE Realty index is now down as much as 3.2%. Oil and capital goods stocks are the other major losers. Several stocks from information technology, bank, automobile and power sectors are also trading notably lower. Metal stocks are off their highs. Select pharma and FMCG stocks are trading firm.

Realty stock DLF is down more than 7% on heavy selling at the counter. The stock is down following social activist Arvind Kejriwal accusing the company of favouring Robert Vadra, son-in-law of Congress chief and the UPA Chairperson Sonia Gandhi, with easy loans for some undue gains. In a clarification DLF, has rejected the allegations and said that it had given Rs 65 crore as business advances out of which Rs 15 crore was fully refunded and Rs 50 crore was used for purchase of land.

Reliance Industries, down 4.4%, is contributing significantly to the market's sharp slide. Hindalco is down with a loss of 4.2%. Jaiprakash Associates, Reliance Infrastructure, Bank of Baroda, Larsen & Toubro, Tata Motors, Ambuja Cements, BHEL, Tata Power, Punjab National Bank, State Bank of India, Siemens, ACC and Wipro are all trading lower by 2% - 4%.

HCL Technologies, IDFC, Kotak Bank, Grasim Industries, ONGC, Coal India, GAIL India, Axis Bank, Hindustan Unilever, Infosys, ICICI Bank and Hero Motocorp are also down with notable losses.

Sun Pharmaceutical Industries is up 3.7%. Ultratech Cement, Cairn India, Asian Paints, Bharti Airtel, Jindal Steel, NTPC, ITC and Cipla are also up in positive territory with notable gains.

Shares of brokerage firm Emkay Global Financial Services have plunged sharply following the company admitting an error on its part for the Nifty's sharp plunge last Friday morning. The company, in a notification to the National Stock Exchange, has stated that one of its dealers committed a bonafide error while executing an order to transact a Nifty cash basket, posting a wrong entry in the order value box. The firm said that it promptly got in touch with the NSE on realsing the error.

Balaji Telefilms spurted nearly 20% on huge volumes. The stock has been gaining in strength almost consistently for nearly a month now on reports that STAR India may sell its holdings in the company to its promoters.

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