Sensex down 415 points on sluggish global cues

Mumbai, September 5: Heavy selling by funds in heavyweight stocks, particularly in refinery, bank and metal segments, saw the market fall on Friday. Th e Sensex fell by over 415 points, its biggest fall in nearly two weeks, on renewed concerns of sluggish global economic growth.

The index, down by over 150 points in yesterday’s trading, today declined sharply by 415.27 points to 14,483.83.

The previous biggest loss for the 30-share index was on August 21 when it lost 435 points. The wide-based National Stock Exchange index Nifty also closed lower by 95.45 points at 4,352.30.

Investors said fears of sluggish growth in the US economy hit software exporting companies like Infosys Technologies. The IT sector index closed down by 143.96 points at 3,941.74.

Realty and banking bore the brunt of of selling and their sectoral indices closed lower 4.17 per cent and 3.52 per cent respectively.

Banking stocks of HDFC Bank, ICICI Bank, State Bank of India, Bank of India, Axis Bank and Punjab National Bank also suffered heavy losses. In the real estate sector, Unitech, DLF Ltd, Akruti City, Omax, Indiabulls Real Estate and Sobha Developers were also battered.

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