Sensex plunges 175 points on FII pullout

Sensex plunges 175 points on FII pullout

By agencies   |   Wednesday, 30 November 2005, 08:00 Hrs
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MUMBAI: After touching the lifetime high of 9000 Monday, the sensex witnessed sell offs and the sensex plunged 175 points or 2.1 percent to end at two months low of 7798.

The selling by FIIs is mainly being attributed to the unwinding of derivatives contracts on the expiry of the October series on Thursday.

The broader trend seems to be weak as foreign institutional investors (FIIs) continue to be sellers in the domestic equity market. The global cues were also negative as most of the foreign markets ended lower.

The market is quite worried over the low rollover in the F&O market where the October contracts expired on Thursday. This means players were unwinding long positions in many counters as they don’t expect the market to rise in the coming month.

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