Mumbai, July 1
The Sensex has breached the 13,000 mark on the way down while the Nifty closed below 3,900, thereby showing signs of a
further downtrend in the coming days, according to analysts.
As rising oil prices provoked fears of a prolonged recession globally, the Indian markets took a beating. Reports of
OPEC predicting oil at $170 per barrel wreaked havoc. The Sensex closed at 12,961, down 500 points or 3.7 per cent while the Nifty was down 3.6 per cent at 3,896 levels.
All sectoral indices closed in the red as panic selling hammered down the stocks of even the best performing companies. Analysts say fast-growing companies are
available at attractive valuations amidst fears that future growth may slow down
due to the recession.
Among the major losers today included Reliance Infrastructure, which fell 11 per cent. Other major losers included Reliance Communications, Mahindra and Mahindra and Maruti Suzuki.
Only NTPC was the lone gainer, closing 1.22 per cent higher.
Among sectoral indices, the BSE realty index was the biggest loser shedding 354 points or 7.8 per cent. Of the major components of this index, Housing Development & Infrastructure fell 12.7 per cent. The other major loser among the BSE sectoral indices was the Banking Index, which was down 6.3 per cent to close at 5,544 points.
Among the BSE scrips, there were 2,257 declines while 419 advanced.
Today's fall came close on the heels of major international indices tanking. Among the major losers included indices like
FTSE 100, which fell 2.2 per cent, CAC 40 -2.30 per cent and DAX down 1.7 per cent as bad news flowed from the US and European
markets.
