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  • Sensex plunges 373 pts as investors mop up funds for mega IPO

    Published on October 15, 2010

    The BSE benchmark Sensex on Friday fell sharply by 373 points as investors liquidated their portfolios to invest in mega IPO of Coal India next week.

    The 30-share index fell by 372.59 points to 20,125.05 points on heavy selling in bluechip led by IT major Infosys Technologies.

    The barometer had lost 190 points in the previous session.

    The broad-based National Stock Exchange index Nifty lost 114.70 points to close at 6,062.65.

    It touched the day’s high of 6,200.60.

    Brokers said the market players were off-loading part of their holding to create funds to subscribe the initial public offer in Coal India on Monday.

    They said the selling pressure gathered further momentum on weakening trend in the Asian region and lower opening in Europe Friday afternoon.

    Infosys, the second-largest software exporter lost Rs 108.10 to close at Rs 3,076.15 even as the company announced attractive quarter earnings.

    The most heaviest on the Sensex, Reliance Industries, fell by Rs 17.35 to Rs 1,040.90.

    Reports of rising food inflation for the week ended 2nd October, raised concerns of government hiking interest rate and pulled down banking stocks led by SBI, HDFC Bank and ICICI Bank.

    In the 30-BSE index components, baring NTPC, all the stocks closed with losses.


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