Sensex falls below 20000, drop biggest in 6 mths

MUMBAI: The BSE benchmark Sensex fell below the psychological 20,000-mark today, down about 445 points — biggest decline in six months — on frenzied profit-booking and weak trend in Asian markets.

The NSE's broad-based Nifty also closed below the magic 6,000-mark.

The fall was fuelled by speculations that central banks worldwide might raise borrowing costs to cool down inflation, constricting the availability of cash for equity investment.

While the Bombay Stock Exchange benchmark index, Sensex, fell by 444.55 points to 19,865.14, National Stock Exchange index, Nifty, fell by 132.90 points to 5,988.70.

After a weak opening, Sensex fell to a month's low as selling pressure gathered momentum influenced by melting Asian stocks, led by China, Hong Kong and Japan.

The regional index for Asian markets fell for the third straight session today on speculation that governments will take further steps to cool down inflation, coupled with a decline in raw material prices.

China's stocks fell, driving the benchmark index to the lowest in a month, on speculation the government might intensify measures to curb accelerating inflation including higher interest rates and price controls.

The MSCI Asian Index fell to its lowest level since November 3 in Tokyo, as the Shanghai Composite Index dropped 3.98 per cent.

Of the 30-BSE index, barring Bharti Airtel, all the 29 stocks fell sharply, while all the sectoral indices closed with losses.

The realty sector index suffered the most by losing 3.55 per cent to 3,325.98 on fears of hike in interest rates, which might impact the new construction and home sale.

The metal sector index was second worst performer and shed 3.11 per cent to 16,577.31 after copper, aluminium, zinc and lead fell sharply in London, amid fears that any measure taken by China, the leading consumer of the base-metals, would reduce demand for the commodity.

The capital goods sector index fell by 2.78 per cent to 15,602.93, consumer durable index by 2.58 per cent to 6,715.22 and auto index by 2.22 per cent to 9,983.56.

As the selling pressure spread over a wide-front, smallcap index fell by 2.92 per cent to 10,566.95 and midcap index by 2.15 per cent to 8,266.42.

Investors refrained from creating fresh positions in view of the public holiday tomorrow.

Read more: Sensex falls below 20000, drop biggest in 6 mths - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-falls-below-20000-drop-biggest-in-6-mths/articleshow/6935848.cms#ixzz15RvRuH3A

Sensex down 64 points in opening trade on profit-booking

STAFF WRITER 9:32 HRS IST

Mumbai, Nov 16 (PTI) The Bombay Stock Exchange benchmark Sensex fell by almost 64 points in opening trade today amid profit-booking and a mixed trend in the Asian region.

The 30-share barometer, which had gained 152.80 points in yesterday's volatile session, fell by 63.92 points, or 0.34 per cent, to 20,245.77 points at the start of trade, with realty, capital goods, banking and technology sector stocks leading the fall.

Similarly, the wide-based National Stock Exchange Nifty index also declined by 21.35 points, or 0.35 per cent, to an early-low of 6,199.25.

Brokers said a fresh bout of selling by funds and retailers after the previous session's gains, coupled with a mixed trend on other Asian bourses, weighed heavily on the trading sentiment.

In other Asian markets, Hong Kong's Hang Seng index was trading lower by 0.39 per cent, while Japan's Nikkei was up by 0.

Toll in building collapse mounts to 66

STAFF WRITER 11:56 HRS IST

New Delhi, Nov 17 (PTI) The four-storey building collapse in East Delhi has claimed 66 lives and left 130 injured in one of the worst such disasters in the capital, as massive rescue operations were today on to pull out those trapped under the debris.

"66 people have died and about 130 are injured and admitted to various hospitals of the capital with a major chunk being at the LNJP," Delhi Health Minister Kiran Walia said.

41 bodies have been taken to Lok Nayak Jai Prakash Narayan Hospital (LNJP), 16 to Lal Bahadur Shastri Hospital, six to Hedgewar Hospital and three to Guru Teg Bahadur Hospital.

Over 60 families, mostly labourers from West Bengal, were living in the cramped quarters of the 15-year-old building, where an illegal fifth floor was under construction.

The entire structure came crashing down around 8.15 PM yesterday at Lalita Park in Laxmi Nagar.

Obama's India visit: The Pak, China factor

New Delhi: As he touches down in India for the longest overseas visit of his Presidency, on top of Barack Obama's agenda will be a frank exchange of views on Af-Pak and the rise of China.

American officials say Washington sees a bigger role for India in the region, especially with US unease over China's growing assertiveness.

But will a stronger India-US relationship impact an already strained India-China relationship?

"I don't see our relationship with the US affecting relations with China and vice versa. It is no longer a binary world or a zero sum game," said National Security Advisor Shiv Shankar Menon.

There is a great degree of concern in India over Obama's Pakistan policy as well. The Obama administration depends deeply on the Pakistani army in an increasingly difficult war on terror. Fresh military aid worth two billion dollars has just been announced. Even Indian officials concede there is only so far America will go on terror.

"He just finished a strategic dialogue with Pakistan. He has given them more aid and the message is clear: the Americans will maintain a balance between India and Pakistan," said Kanwal Sibal, a former foreign secretary.

It will certainly be a tightrope walk for Obama in India as he tackles New Delhi's unease over his Af-Pak policy and US concerns over China.



For NDTV