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Sensex plunges by 279 points

Mumbai, June 6
After opening with modest gains and keeping quiet through the mid-day, it turned out to be a sellers’ day at the bourses, with the benchmark index plunging as much as 300 points in intra-day trade.

The Bombay Stock Exchange’s 30-share barometer index, Sensex, settled at 14,255.93, down 279.08 points or 1.9 per cent from the previous close of 14,535.01 points. It touched the day’s low of 14,234.07.

The plunge on Indian bourses mirrored the overnight weakness in the US, but was in sharp contrast to broadly positive trends in other Asian markets, including China.

After a sharp plunge in the last four days, Chinese market recovered today on indications that the government was seeking to soothe the sentiments, which had hit a low following a hike in the securities transaction tax last week.

China’ central bank deputy governor Wu Xiaoling was quoted by the media as saying that investors should have confidence in the economy and market gains were inevitable.

However, on domestic bourses, huge selling was seen across the auto, banking, consumer goods, engineering, FMCG, pharma, metal and energy sectors. While IT stocks managed to give the sharp correction a miss, modest selling was witnessed on these counters as well, said a broker.

The wide-based National Stock Exchange index Nifty too plunged 86.40 points, or 2.10 per cent, to 4,198.25 after dipping to 4,190.95 points.

All the sectoral indices of the BSE closed in the red with losses ranging from 1.0-3.2 per cent, except for the IT index that closed a marginal 0.25 per cent down. — PTI

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