New Delhi: In highly volatile trading, the Bombay Stock Exchange's sensex on Wednesday suffered a massive 265.19 point loss on sudden bouts of selling pressure towards the fag-end and closed 142.35 points down at 8,788.81.
The market opened firm and rallied further on increased buying spree. However, prices started to fall steeply during the latter part of trading and ended with heavy losses.
The BSE's 30-share sensitive index opened firm at 8,962.92 against the previous close of 8,931.16 and zoomed to an all-time intra-day peak of 9,033.99.
Thereafter, it crashed by 265.19 points to a low of 8,768.80, before closing at 8,788.81, revealing a 1.59 per cent loss over the previous close.
The market was so overheated that a correction at this stage was very much necessary, brokers said.
However, some brokers described the sudden fall as a temporary phenomenon and said the market would rise sharply and very soon the sensex could touch 9,200 level as the fundamentals were strong and the country's economic growth robust.
Reflecting the buoyancy, Indian economy grew by 8.0 per cent during July-September 2005 on the strength of manufacturing and services sector, up from 6.7 per cent GDP growth in the corresponding quarter last fiscal.
Some of the sharp losers which caused the index to crash were RIL, Infosys Tech, Wipro, Bajaj Auto, Dr Reddy, TCS, Tata Motors, ONGC, SBI, L&T, Hero Honda, Satyam, HDFC, ACC and Cipla.
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