Sensex dips by 200 points, Nifty below 8300

NEW DELHI: The S&P BSE Sensex plunged as much as 259 points in trade on Thursday tracking weak trend seen in other Asian markets. The fall in the index was led by losses in Infosys, Tata Motors, RIL, ONGC and L&T.Tracking the momentum, the 50-share Nifty index slipped below its crucial psychological support level of 8300, weighed down by losses in FMCG, capital goods, consumer durable, metal and auto stocks.

in the early session, the 30-share index was at 27,613.73, down 217 points or 0.78 per cent. It touched a high of 27,796.34 and a low of 27,572.70 in trade today.The Nifty was at 8,294 down 60 points or 0.70 per cent. It touched a high of 8,348.30 and a low of 8,281.50 in trade today.

Sugar stocks rallied in trade after the government today fixed a price of Rs 48.50-49.50 per litre for procurement of ethanol for blending with petrol, a rate much higher than the price oil companies presently pay to buy the sugarcane extract.Tracking the news, Shree Renuka Sugars rose as much as 6.5 per cent and Balrampur Chini Milss surged upto 4.2 per cent in trade.

The S&P BSE Midcap Index was down 0.78 per cent and BSE S&P Smallcap Index edged lower by 0.76 per cent.

TCS (up 0.06 per cent), Sun Pharma (up 0.7 per cent), Bharti Airtel (up 0.68 per cent), and HDFC (up 0.45 per cent) were among the major Sensex gainers.

Infosys (down 1.9 per cent), ICICI Bank (down 1.4 per cent), Tata Motors (down 2.02 per cent), L&T (down 1.8 per cent) and RIL (down 0.86 per cent) were the major index losers.

Source:Economictimes