Sensex Hits 20-Month Low

Depressed market conditions in Asia engulfed the Indian stock markets yesterday and the 30-share BSE Sensex closed at a 20-month low at sub-3000 levels. The sensex dipped to the day's low of 2,965.58 points below recovering marginally to close at 2,970.64, down 50.07 points from its previous close of 3,020.71.

This is the first time the sensex has closed below 3000 since December 16, 1996 when it closed at 2,958.65 points.

The NSE-50 crashed to the day's low of 863.65 points before recovering to 866.50 points, a drop of 12.25 points.

Trading turnover on both the exchanges remained much below average levels. While the BSE clocked a turnover of Rs 775.86 crore, the NSE (despite it being the last day of the settlement) registered a modest turnover of Rs 1,006.93 crore.

Foreign funds remained net sellers to the tune of Rs 51.60 crore at the bourses yesterday _evidence of the aggressive sales pressed by these funds.

The poor sentiment spilled over to late evening kerb deals as well and most pivotals were trading Rs 4-Rs 5 lower than their official close on the BSE.