Stock markets end Samvat 2064 on weak note

MUMBAI: Stock markets benchmark Sensex fell 231 points on the last day of the Hindu calender year, Samvat 2064, due to selling by foreign and domestic funds on reports of fresh subprime losses in the US.

The Sensex, which remained on downward march since the last few trading sessions, fell further by 230.90 points at 19,058.93, lowest since October 25. It had fallen to 18,917.40 and rose to 19,209.91 points during the day.

The second wide-based National Stock Exchange's Nifty tumbled by 83.60 points to 5698.75. It touched the day's low of 5,646.75 and a high of 5,780.80 points.

Marketmen said the selling pressure maintained throughout the day as US financial companies announced more subprime mortgage related losses, heightening concern of slower growth in the world's largest economy.

The reports that second-biggest US securities firm Morgan Stanley saying its assets related to US subprime mortgages have lost 3.7 billion dollars of their value had a negative impact on the market.

A weakening global trend was the major reason behind the constant fall in last four straight trading sessions of the Samvat year 2064.

The Standard and Poor's 500 Index fell 2.9 per cent in the US on Wednesday, the most since August 9.

The major pullers to the Sensex were metal, banking, realty, public sector undertakings, auto, capital goods and refinery segments.