Sensex Drops Another 144 Pts

Zee Telefilms was the worst hit among the ICE majors yesterday as the 30-scrip Bombay Stock Exchange sensitive index dipped for the third straight day to close at Rs 480.80. The index closed the week at 4107.14, down by almost 586 points, or 12.5 per cent, since May 5.

ZTL continued to bear the brunt of the selling fury, with the scrip hitting the lower end of the 12 per cent circuit-filter.

Two other sensex heavyweights, Mahindra & Mahindra and ICICI, hit the lower end of the 12 per cent circuit-filter to close at Rs 102.85 and Rs 203.35 respectively. Telco managed to end just within the 8 per cent limit.

Despite Friday being the last trading day of the current settlement cycle on the BSE, sustained selling pressure pulled the sensex down by 144.22 points, or 3.39 per cent, over Thursday's close of 4251.36 points.

The CNX Nifty also fell by 23.2 points to close at 1281.35 points, or 1.78 per cent, lower compared with Thursday's close. The Business Standard ICE index dropped a hefty 11.04 points (5.94 per cent) to touch 174.74.

Two ICE stocks - SSI and Global Telesystem - hit the lower circuit-filter, with SSI closing at Rs 2,286.80, and Global Telesystem at Rs 933.20.

IT major Satyam Computer lost 2.77 per cent to close at Rs 2,737.50 and NIIT remained unchanged.

Pharma stock Dr Reddy's was down Rs 19 to close at Rs 1,260, but SmithKline Beecham Pharma was up Rs 16.85 or 5.04 per cent to Rs 350.85. The selloff in the market spread across all sectors, with Grasim, Hindustan Lever, ICICI, Mahindra & Mahindra ending as losers.

Grasim lost Rs 8.50 or 3.72 per cent to close at Rs 220 and HLL lost Rs 49 or 2.13 per cent, ending the day at Rs 2, 251.50.

The stock that beat the downward trend was ITC, which closed the day at Rs 554.50, up Rs 22.50 (4.23 per cent) from its previous close on the BSE.