Mumbai, October 3
Amidst fears that the bailout plan for ailing financial institutions by
the US government would not prevent a recession in the world's largest
economy, stocks in India came under heavy bear hammering. The Sensex
fell 529 points to close at 12,526 points while the Nifty fell 132
points to close at 3,818.
All sectoral indices on the BSE closed sharply lower with metal and
oil & gas scrips taking the brunt of the hammering. While the BSE
metal index was down over 7 per cent, the the oil index fell 5.7 per
cent. Banking and consumer durables also took a big beating.
Among the Sensex stocks, ICICI Bank was down 8.5 per cent, while
Reliance Industries plunged 7.7 per cent. The biggest loser was Tata
Steel which was down more than 10 per cent. Only a handful of Sensex
stocks closed in the green. Ranbaxy Laboratories shot up 4.8 per cent on
news of the government granting approval for the buyout by Daiichi.
M&M and HUL also closed in positive territory.
