Sensex falls below 17k, Nifty under 5100

MUMBAI: The downtrend on the Indian stock markets continued Wednesday, with the Sensex opening sharply lower and slipping below the 17,000 mark. The fall is an extension of the global slump in equities on concern Europe’s debt crisis is worsening and after Greece, similar rescue packages will need to extended to Spain and Portugal. ( Watch )

The BSE 30-share index was at 16,919.60, down 217.54 points or 1.27 per cent. The benchmark opened at 17,103.95 against the previous close of 17,137.14. The index saw a low of 16,868.83.

NSE’s 50-share Nifty fell 71.25 points or 1.38 per cent to 5077.25. The benchmark had opened flat at 5148.35 versus Tuesday’s close of 5148.50 and immediately slipped to 5064.05.

Among sectors, metal stocks continued to be beaten down, followed by consumer durables, realty, auto, banking, and power. All the sector indices were in the red.

ET

Sensex tanks 268 points on Greece debt concerns

STAFF WRITER 9:40 HRS IST

Mumbai, May 5 (PTI) The Bombay Stock Exchange benchmark Sensex today tanked over 268 points to trade below the 17,000- points level in opening trade in line with the meltdown in overseas markets on concerns that Greece's debt crisis could spread to other countries.

The 30-share index, which had lost over 421 points in the previous two sessions, plunged further by 268.31 points, or 1.56 per cent to slump below the 17,000-points level-for the first time since March 5-at 16,868.83 points.

All the sectoral indices, led by metals and realty, were trading in the negative zone with losses up to 2.95 per cent.

Likewise, the wide-based National Stock Exchange index Nifty fell below 5,100-points level to trade at 84.45 points, or 1.64 per cent down at 5,064.05

Crippling Mumbai train strike finally ends

MUMBAI, May 4: A 36-hour strike by suburban train drivers that crippled India’s financial capital ended on Tuesday evening shortly after the authorities cracked down on the strikers for causing chaos but promised to back their demands for better working conditions.

Some seven million commuters who use the electric trains daily heaved a sigh of relief as Maharashtra’s Home Minister RR Patil announced the end of the work stoppage after talks with union leaders. Patil told reporters that the State government would take up the demands of the motormen, as the drivers are known, with the Central Railway Board. Disciplinary action taken against the strikers would be withdrawn.