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Sensex plunges further by 113 pts on heavy selling
By agencies
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Friday, 28 October 2005, 19:30 IST
MUMBAI: The Sensex continued to fall sharply for the third straight session today and plunged by 113 points to end below the 7,700 levels at 7685.64 on the Bombay Stock Exchange due to frantic selling following withdrawal of FIIs support.
The Bombay Stock Exchange (BSE) Benchmark 30-share Index (Sensex), after a marginally weak start at 7,795.03, nose-dived to a low of 7,656.15. Later, it recovered marginally and ended at 7,685.64, however, showing a steep fall of 112.85 points or 1.45 per cent over the previous close of 7,798.49.
With today's fall, the sensex has already lost a whopping 1,136.20 points over the high of 8,821.84 recorded on October five.
Shares met with frantic selling by nervous operators as FIIs resorted to heavy profit selling in majority of the index heavyweights, which brought the sensex down steeply.
Technical analysts said the 7,800 level was a crucial support and since it was already broken yesterday, one could expect the market to fall further.