Market Updates
Sensex Plunges in Large-Cap Sell-Off
Ivaylo
06 Jun, 2007
New York City
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The benchmark index opened higher and was firm until the afternoon session when selling pressure on large-cap stocks emerged and pulled the market down. Tata Motors and SBI are leading the decliners at that time, while stable copper prices saw Hindalco advance. The market-breadth is negative and the turnover on BSE is very high.
[R]5:30AM NY-4:30PM Mumbai Sensex plunges in mid-afternoon trade on a sell-off in large-caps.[/R]
The Sensex on BSE is down 244 points at 14,291 in mid-afternoon trading.
The market-breadth is strongly negative as 1,694 have declined, 797 have advanced and 77 are unchanged.
Advancers
Hindalco up nearly 2% at Rs 149. Hindalco was cheered after Alcan Inc of Canada bought 76% of Alukbond India, an aluminium composite panel-maker, for less than $50 million., causing speculation that the Canadian company may put up an offer together with Sterlite Industries for Hindalco.
Decliners
Tata Motors and SBI have declined 3.7% each to Rs 684 and Rs 1,384, respectively. Tata Motors intends to reduceproduction of some trucks at its plant in Pune as higher interest rates, caused by soaring inflation, make transport companies and tour operators delay or drop purchase plans. Index heavy Reliance Industries and BHEL have dropped 3.5% each to Rs 1,685 and Rs 1,335, respectively. ICICI Bank, ONGC and Maruti have shed 3% each to Rs 910, Rs 867 and Rs 776, respectively.
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