The Bombay Stock Exchange benchmark Sensex on Monday tumbled nearly 300 points, the third time in a row, on aggressive selling by funds, weak opening in European stock markets, and the World Bank debarring more software companies, including Wipro, till 2011.
The Bombay Stock Exchange benchmark Sensex on Monday tumbled nearly 300 points, the third time in a row, on aggressive selling by funds, weak opening in European stock markets, and the World Bank debarring more software companies, including Wipro, till 2011.
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The Sensex, which had been falling in the last two trading sessions after the Satyam Computer fraud came to light, fell further by 296.42 points at 9,110.05. It touched the day's low of 9,024.45 and a high of 9,331.13 points.
The 50-share National Stock Exchange index Nifty fell 99.90 points at 2,773.10, after touching a low of 2,748.55.
Wipro, the third software producer and a component of the key index, fell 12 per cent soon after the World Bank barred the company from direct contracts until 2011, citing a conflict of interest.
The stock ended with a fall of Rs 23.30 at Rs 227.35. The market briefly pared losses after industrial output data were unexpectedly better for November, but there was little support forthcoming with many uncertainties clouding the outlook of corporate earnings by blue-chip companies.
Trading sentiment further weakened after the European stock markets commenced trading on a weak note, concerned about the quarterly earnings.
Satyam Computer, the fourth-largest software developer, which sparked selling two days ago on its confession of financial wrong-doing, rebounded after the government injected three new board members. The stock rose by Rs 10.55 at Rs 34.40.
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