Mumbai, September 11
The Bombay Stock Exchange benchmark Sensex today lost a whopping 368 points to end at a two-week low of 11,550.69 points as funds resorted to profit selling, but the fall itself was regarded by experts as a much-needed correction.
This is the biggest fall since July 17, when the Sensex had fallen by 385 points.
Foreign Institutional Investors (FIIs) reportedly made across-the-board withdrawals from stretched market valuations, which required a healthy correction.
The Sensex had gained by a huge 1,832.74 points or 18.17 per cent to close at 11,918.65 on September 8 from the close of 10,085.91 on July 21.
After touching a high of 11,971.60 in early trade, the Sensex later collapsed to the intra-day low of 11,505.60 before ending the day at 11,550.69 against Friday’s close of 11,918.65, a net fall of 367.96 points or 3.09 per cent.
Similarly, the National Stock Exchange’s S&P CNX Nifty tumbled by 105.30 points or 3.03 per cent to 3,366.15 from previous close of 3,471.45.
Reliance Energy, Tata Motors, Tata Steel and Hindalco were the main losers shedding over five per cent each. Other losers included Cipla, HLL, Gujarat Ambuja Cements and ACC. The only gainer among the BSE 30 scrips was Hero Honda, which moved up 1.3 per cent or Rs 9.
