Indian shares dip over sharp sell-off


Mumbai : Hit by a sharp sell-off, Indian shares Wednesday slipped with a key index falling 1.92 percent amid worries of a global market correction.

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The 30-share benchmark Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) ended 279.08 points lower or 1.92 percent at 14,255.93, with only four of its component stocks trading in the green.

The broader 50-issue Nifty index of the National Stock Exchange (NSE) ended 86.40 points lower or 2.02 percent at 4,198.25 – after it hit its all-time high of 4,362.95 Monday.

Sensex heavyweights like top steel maker Tata Steel, largest private sector firm Reliance Industries, top lender State Bank of India, top housing finance company HDFC and energy major ONGC were among the top losers.

Tata Steel was down 3.66 percent at Rs.617.70, followed by HDFC, down 3.51 percent at Rs.1,830.70 and Tata Motors, down 3.37 percent at Rs.687.00.

Reliance Industries was down 3.31 percent at Rs.1,687.35, losing Rs.57.70 on its last trade, while State Bank of India closed at Rs.1,388.20, losing Rs.48.05 on its previous price.

ONGC, top private sector energy producer Reliance Energy, drug major Ranbaxy Laboratories and private sector lender ICICI Bank were among the other major Sensex stocks that traded in the red.

Top aluminium producer Hindalco Industries led the four Sensex shares that gained as it was up 1.88 percent at Rs.148.75.

Top private sector telecom service provider Reliance Communications was up 0.98 percent at Rs.515.55, and fourth largest software exporter Satyam Computers gained 0.43 percent at Rs.65.35. Textile major Grasim Industries was up 0.04 percent at Rs.2,451.80.