FIIs pull down Sensex by 112 points

MUMBAI, OCT 8: Share prices crashed again on the stock markets as foreign funds and local speculators went on selling spree for the secon...

int(3)

MUMBAI, OCT 8: Share prices crashed again on the stock markets as foreign funds and local speculators went on selling spree for the second time this week, sending the Sensex crashing by another 112 points. Notwithstanding the efforts of domestic institutions led by Unit Trust of India (UTI) to restore investor confidence by propping up index-based scrips, the sustained hammering virtually wiped out the gains of the last two days.

In fact, India and Japan were the only two markets which suffered heavy losses in Asia. On the other hand, Hong Kong, Philippines, Taiwan and Singapore markets ended sharply higher.

While on the one hand institutions are trying to revive the markets, FIIs are selling heavily, thereby adding to the woes of institutions. SBI closed at a new 3-year low of 166.40 on the BSE, where it was locked at the lower limit. The stock faced a similar fate at the GDR markets as well, where it was hammered down to a low of $ 9.53 during mid-day trading.

Story continues below this ad

The bear run continued to dampen theprices of Reliance both at the GDR and the domestic markets. Reliance touched a low of 107.50, while its GDR was traded at $ 5. The fall in its GDR price has negated the premium commanded by the stock at the GDR markets.

ITC was traded in the band of Rs 685 and Rs 715.50, the intra-day low and high respectively. Satyam Computer went down by Rs 24.50 to Rs 572.50, Pentafour Software by Rs 43.50 to Rs 647.75, Reliance by Rs 7 to Rs 107.80, Telco by Rs 7.20 to Rs 127.40 and Tisco by Rs 4 to Rs 84.70.