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Sensex bucks global trend
Published on 6 Nov. 2008 12:58 AM IST
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The Sensex opened with a significant positive gap of 300 pts at 10,931 in line with other Asian markets amid the backdrop of the US elections. World markets displayed strength this morning following a clear mandate in the US poll. In the US, the Dow and the Nasdaq finished with gains of over 3% each yesterday. Today - the Nikkei rallied 4.5%. The Hang Seng and Shanghai Composite surged over 3% each. The Straits Times and Seoul Composite indices moved up over 2% each. Back home, The Sensex touched a high of 10,945 in opening trades, but soon pared gains and slipped into red. Aggressive selling, especially in Reliance, forced the index slip into red. Selling pressure intensified towards the end, and the Sensex tumbled to a low of 10,052 - down 893 pts. The index finally ended with a loss of 511 pts at 10,120. The BSE Oil & Gas index plunged 9.5% to 6,112. The Metal index dropped nearly 7% to 5,452. The market breadth was negative - out of 2,638 stocks traded, 1,566 declined, 998 advanced and the rest were unchanged today. Reliance slumped almost 13% to Rs 1,269. Tata Steel plunged 10% to Rs 216. Reliance Communications tumbled 9.5% to Rs 227. Tata Motors and Larsen & Toubro shed 6.5% each at Rs 181 and Rs 865, respectively. Mahindra & Mahindra declined 6% to Rs 376. Bharti Airtel, Hindalco and Reliance Infrastructure were down over 4% each to Rs 685, Rs 61 and Rs 520, respectively. Wipro surged 2.7% to Rs 270. Satyam and Maruti were the only other gainers today. Reliance topped the value chart with a turnover of Rs 552 crore followed by ICICI Bank (Rs 275.20 crore), SBI (Rs 239.50 crore), and Reliance Capital (Rs 222.70 crore). GVK Power led the volume chart with a turnover of 3.70 crore shares followed by Suzlon Energy (3.46 crore), Reliance Natural Resources (1.76 crore), IFCI (1.30 crore) and Reliance Petroleum (1.20 crore).

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