The Bombay Stock Exchange benchmark Sensex on Monday plunged over 480 points on profit-booking in heavy-weights led by banking, refining and metal stocks, as investors felt the recent surge in equities was overdone.
The Bombay Stock Exchange benchmark Sensex on Monday plunged over 480 points on profit-booking in heavy-weights led by banking, refining and metal stocks, as investors felt the recent surge in equities was overdone.
The Sensex, which had gained about 21 per cent in the past three weeks to regain the 10,000-point level, dropped by 480.35 points at 9,568.14. The key index moved between 9,902.35 and 9,520.96 points.
The 50-share National Stock Exchange index Nifty fell by 130.50 at 2,978.15, after moving between 3,110.20 and 2,962.40 points as stocks led by financial companies fell, after the US Treasury Secretary warned that some US banks may need more government aid.
Selling pressure extended to commodity segments like the metal and refinery sectors as metal and oil prices retreated on fall in demand following rising concerns of a deepening crisis in the financial sector.
The banking sector suffered the most, falling by 9.59 per cent to 4,414.47, after the segment major and Sensex-heavy ICICI Bank, the second-largest lender, sank 12.27 per cent while State Bank of India, the biggest, government-run bank, dropped 9.18 per cent.
HDFC Bank, the second biggest private lender, lost 5.18 per cent.
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