Sensex down 213 points highest single day fall in 3 years
By Our Corporate Bureau | 28 Apr 2004
Mumbai: The BSE Sensex yesterday fell by 213 points - the hardest single-day fall three years, In the wake of exit polls which predicted political instability at the Centre.
Investors ordered brokers to sell major stocks in the morning itself that saw the 30-share benchmark of the BSE open with a fall of 84 points, a phenomenon not seen since September 11. The S&P CNX Nifty of the National Stock Exchange lost nearly 4 per cent from its previous close of 1892.45 to end the day today at 1817.25.
On the BSE for every stock that advanced more than four declined. Only eight of the top 200 stocks on the exchange gained today. The biggest losers among indices were the ones that track banks and state-owned companies. The BSE PSU index lost nearly 5 per cent to and the BSE Bankex lost 3.82 per cent.
A
media statement by Jagdish Shettigar, member of the Prime
Minister's Economic Advisory Council, depressed sentiment
further in the afternoon. "This is the first election
where economic development is an issue and I admit it
has not been as easy to market (economic
development) as we thought," Shettigar said. The
Sensex that had by then lost about 140 points went into
a free fall in spite of buying support from LIC, GIC and
UTI.
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