Sensex crashes by 253.24 pts
Mumbai, Jul 10 (UNI) The Sensex of the Bombay Stock Exchange (BSE) today crashed by 253.24 points to settle in red at 13,504.22 on heavy offloading in select stocks by foreign institutional investors (FII's) and mutual funds in view of weak global cues.
A sell-off in index heavyweight Reliance Industries (RIL) triggered a sharp fall on the bourses in the last hour of trade.
Power, realty and capital goods stocks also dropped.
However, IT stocks held firm after IT bellwether Infosys Technologies raised the lower end of its annual forecast in dollar terms, a leading broker said.
The BSE 30-share Sensex touched below the 13,450 mark and the S&P CNX Nifty fell below the psychological 4,000 mark. The market breadth turned weak in contrast to a positive breadth earlier in the day. Weak global markets and lower US index futures dented sentiment.
The market pared gains after a firm opening triggered by better-than-expected Q1 results from Infosys before trading hours.
The Sensex slipped into the red after moving between positive and negative terrain in mid-morning trade. A bout of volatility was witnessed in early afternoon trade. The market surged in mid-afternoon after Planning Commission deputy chairman Montek Singh Ahluwalia said the rise in industrial production in May 2009 is not a surprise and the worst is over for industrial output.
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