Sensex Drops Further On Selling

Sensex Drops Further On SellingThe benchmark indices Sensex and Nifty slipped deeper into the negative in late afternoon trade today, on account of aggressive selling at several blue chip counters.

Oil & gas, metal and realty stocks were hammered badly.

BSE Midcap and Smallcap index lost more than 1% each.

The 30-share index BSE Sensex, today, opened with a gain of 300.05 points at 10,931.17.

At 3:03 a.m., Sensex lost 409.87 points, or 3.86%, at 10,221.25 after touching a high of 10,945.41 and a low of 10,218.92.

In contrast, the broad based Nifty stood at 3,014.05, 128.05 points, after touching a high of 3,240.55 and a low of 3,013.10.

The overall market breadth was negative as it saw 1,098 progressions as against 1,423 declinations.

The major movers in the 30-share index were Ranbaxy Laboratories (2.92%), Wipro (2.68%), Maruti Suzuki India (1.15%), Satyam Computer Services (1.10%), Tata Consultancy Services (0.96%), and Infosys Technologies (0.32%).

On the other hand, Reliance Industries (11.06%), Jaiprakash Associates (8.33%), Tata Steel (8.23%), Grasim Industries (7.82%), DLF (7.63%), and Reliance Communications (7.58%) were the major losers in the Sensex.

General: