The benchmark Sensex fell below 14,000-point level on the Bombay Stock Exchange in late morning deals on Friday on heavy selling by foreign funds.
MUMBAI: Fall in major Asian markets hit by the US credit crisis continued to scare investors away from the domestic bourses, but strong opening in European markets restricted the losses of the BSE Sensex to 216 points on Friday.
Firmness in the London Stock Exchange helped restore investors' confidence, evident from 362 points recovery of the Sensex to settle at 14,141.52 -- down by 216.69 points or 1.51 per cent from Thursday's close. The Bombay Stock Exchange barometer has lost 726.73 points or 4.89 per cent this week.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) also dipped by 70.55 points or 1.69 per cent to close at 4,108.05 from previous close of 4,178.60.
"I think correction is on its last leg and there could be a further correction of 400 to 500 points from the current level," said Motilal Oswal, chairman of Motilal Oswal Financial.
"It all depends on the US stock markets. It is a black hole and how deep it is nobody knows."
Indices crashed like a pack of cards around noon after Japan's Nikkei showed its worst daily performance since the September 2001 terror strike in New York.
The free fall in share prices was largely attributed to aggressive sell-off by hedge funds, which pulled out large chunk of funds from market during yesterday's mayhem.
Foreign Institutional Investors (FIIs) were net sellers to the tune of Rs 3,108 crore on August 16, as per provisional figure released by the Securities and Exchange Board of India. Domestic funds, however, injected Rs 1,399 crore on same day.
The market breadth remained highly negative as 1,835 stocks ended with losses while 852 closed with gains. Reliance Industries, HDFC and Wipro registered gains. RIL scrip rose by Rs 13.65 to Rs 1752.80, HDFC by Rs 24.55 to Rs 1910.05 and Wipro by Rs 6.15 to Rs 475.50.
The trading volume shot up further to Rs 6,809.59 crore from Rs 5,646.63 crore on Wednesday. RIL was the top traded share with the highest turnover of Rs 313.84 crore. It was followed by Zylog System, which was listed today, with a turnover of Rs 309.19 crore, Tata Steel (Rs 211.33 crore, Reliance Capital (Rs 205.42 crore) and SBI (Rs 190.86 crore).
The broad-based BSE-100 index dropped by another 123.20 points to 7,262.19 from previous close of 7,385.39.
The BSE-200 index and the Dollex-200 were quoted down at 1,720.99 and 705.21 at close compared to previous close of 1,750.59 and 717.34 respectively. The BSE-500 Index also dipped by 92.20 points to 5,530.94 from 5,623.14 previously and the Dollex-30 ended lower at 2,857.54 from 2,901.32.
Tata Steel plunged by 31.05 to 544.30, Hindalco by 5.30 to 140.00, Infosys Tech by 55.65 to 1854.80, TCS by 31.70 to 1056.10, Satyam Computer by 27.15 to 440.20, BHEL by 44.00 to 1558.85, L&T by 14.25 to 2305.15, Grasim by 53.20 to 2739.35, ACC by 27.80 to 951.75, NTPC by 5.00 to 163.00, Tata Motors by 22.15 to 641.20, Maruti by 11.10 to 780.05, M&M by 8.20 to 649.95, Bajaj Auto by 59.30 to 2251.00, Bharti Airtel by 6.35 to 794.50, HDFC Bank by 24.75 to 1069.25, ICICI Bank by 6.35 to 825.95, ITC by 4.75 to 153.35, HUL by 4.00 to 192.20, Dr Reddy by 6.40 to 621.60, Ranbaxy by 8.25 to 352.60, ONGC by 36.10 to 782.70 and SBI by 2.10 to 1519.50.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}