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03-23-2012, 09:35 AM #1
BSE Sensex plunges 405 pts, RIL down 4 per cent
The BSE Sensex on Thursday lost over 400 points, seeing it's biggest one-day drop since February 27.
The 30-share Bombay Stock Exchange benchmark, which had gained 328 points in the previous two sessions, fell 2.30 per cent or 405.24 points to 17,196.47, ahead of Q4 earnings reports from the industry.
The 50-share National Stock Exchange Nifty also traded similarly, losing 136.50 points or 2.54 per cent to 5,228.45.
Market behemoth Reliance Industries also felt the pressure, losing 4.15 per cent over concerns of lower petrochemical margins and closing the day at Rs 736.50.
The biggest one-day fall came after a spike in global risk aversion triggered fears of foreign selling at a time of waning confidence in the struggling government.
Weaker-than-expected euro zone PMI was a trigger to pronounced selling in Indian stock markets and the rupee in the afternoon, in a day already marked by concerns about a government auditor report that said the government may have sold coal deposits too cheaply.
Also on Thursday, the government announced a sweeping rollback of a rail fare hike, adding to concerns about the ruling coalition's standing.