Southbound Sensex sheds 347 points

By agencies   |   Thursday, 13 April 2006, 07:00 Hrs
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MUMBAI: For a second straight day today, the Sensex was dragged down by over 347 points by the panic selling by market.

The slide in share prices was extended in today's trading when the 30-share sensitive index fell sharply by 347.30 points at 11,008.43 and the wide-based National Stock Exchange index Nifty by 90.35 points at 3,290.35 as funds and major players offloaded shares heavily in almost all segments.

While capital goods and metal segments revealed a fall of over five percent, the FMCG and auto sector fell over 3 percent. The market experienced heavy losses yesterday when the sensex lost 307 points and the nifty by 98 points.

The market, which is passing through a rough patch in view of majority of funds reducing their holdings, has lost almost 900 points from its highest peak set on April 7. The selling pressure gained momentum after the nse raised margin money in futures and option trading from this week.

Indian shares dropped further dropped on mixed Asian markets and as investors consolidated their positions ahead of quarterly earnings from key companies in a truncated trading week.

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