After a promising start, stocks fell sharply on continued selling by funds in heavyweight stocks amid profit-taking. Realty and banking stocks were the worst hit.
The market opened on a firm footing in reaction to the US Federal Reserve's decision for a $85 billion rescue plan to help American International Group in exchange for a 79.9% stake, thus avoiding the biggest corporate bankruptcy ever.
ICICI Bank took a sharp knock on worries on the bank's exposure to Lehman Brothers debt may hurt profits. The stock plunged as much as 10 per cent during the day.
Ranbaxy Laboratories also took a sharp knock after US health officials banned dozens of drugs made by the generic drugmaker and said they would not approve any new drugs made at two of its India plants, on numerous record keeping and other operational lapses.
Bombay Stock Exchange's Sensex ended 2.14 per cent or 288.65 points lower at 13,230.15 after plunging to a low of 13,127.96. The index rose to a high of 13,620.74 in the first few minutes of trade.
National Stock Exchange's Nifty lost 1.92 per cent or xx points to 3996.75. The index touched a high of 4116.70 and low of 3974.60 during the day.
Wednesday, September 17, 2008
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