BSE Sensex sheds 386 points, ends in red for weekend
The benchmark 30-share sensitivity index of the Bombay Stock Exchange (BSE), the Sensex, slipped by 2.17 percent or 385.61 points, Friday, riding on weak global cues and growing worries among investors about the impact of a recession in the United States.
SEBI launches crackdown on art fundsDragged down by Sensex heavyweights Reliance Industries and ICICI Bank, the prime index closed at 17,349.07, with 27 components ending in the red. The key index touched the day's low of 17,294.73 and a high of 17,526.80 points.
India's largest private sector firm in terms of market capitalization, Reliance Industries, slipped 2.9 percent to Rs.2429.80, and ICICI Bank, India's leading private bank, lost 3.9 percent to end at Rs.1099.40. The two stocks account for more than a quarter of the main index.
Growing worries about the financial health of the global credit markets pulled down India's biggest bank State Bank of India (SBI), which dropped 3 percent to Rs.2114.70 and HDFC Bank, which shed 4.4 percent to Rs.1,474.95.
Some of the other stocks that ended in the red were Bajaj Auto (down 5.34 percent), Satyam Computer (down 4.52 percent) and Infosys Technologies (down 3.56 percent).
Reliance Power, which raised $3 billion IPO in January, fell 1.2 percent to Rs.416.85.
Other major losers were Tata Steel, Larsen & Toubro and Tata Consultancy Services (TCS).
Cipla (up 5.63 percent), Hindalco Industries (up 1.35 percent) and Maruti Suzuki (up 0.2 percent) were the only gainers of the day.
Taking into account Friday's fall, the Sensex has fallen 4.2 percent over the week, and is now more than 18 percent below a record high of 21,206.77 which it hit on Jan. 10.
Among the sectoral indices, BSE Bankex, BSE IT index and BSE Oil and Gas index suffered maximum losses.
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