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Sensex dips by 612 points as selling pressures up Metal and Oil & Gas space

February 7th, 2008

The Indian stock markets continued to test trouble waters as selling pressure is seen across the board on Thursday. The stock market was volatile till noon but with heavy selling coming into play post noon, stocks of all kinds began to dip into the red and it turned out to be a free fall by closing bell.

BSE Sensex closed at 17,526.93 as against the previous closure of 18,139.49 losing 612.56 points or 3.38%. Both Midcap and Smallcap indices on the BSE are down over 2% today. Nifty closed at 5133.25 or 3.56%.

Metal and Oil & Gas sectoral indices are down over 4% while PSU and Realty are down by over 3%. CNX IT is down 3.27% while Bank Nifty is down 2.45%.

All stocks on the CNX IT are down in the red today with the Large cap IT stocks taking the heat a bit more. Dollar pressures and increasing employee costs are putting IT companies to stay tight on their margins. Satyam is down 4.23% and is back to the sub-Rs. 400 levels. The script last traded at Rs. 390.70. Infosys is down by 1.83% and closed at Rs. 1482.35

On the broader Nifty, almost all stocks closed in the red except for ACC and Glaxo which, surprising, both closed at 1% in the green. HCL Tech and Unitech are down by over 7%. VSNL is down 6% while Bharti Airtel is down by 3.86%. VSNL and Bharti Airtel are two of the participants for the India-France underground cable consortium that aims to better the internet bandwidth requirements of India with the European countries.

Entry Filed under: Equities, BSE, NSE, Closing Bell