Sensex Plummets 393.77 Pts; RComm, Bharti Drop

Sensex Plummets 393.77 Pts; RComm, Bharti DropIndian equities continued to trade in the negative terrain on fears over lower earnings.

The 30-share index BSE Sensex ended on a highly negative note yesterday with some major corporate houses declaring disappointing quarterly figures.

Asian markets weighed the depressing outlook. Realty, metal, IT, oil & gas and power stocks that had bounced back fairly strongly yesterday after recent huge losses, are back in the red again on account of heavy selling action.

BSE Midcap and Smallcap declined 2.02% and 1.59% respectively.

Today, the BSE Sensex opened with a loss of 228.16 points, at 10,455.23.

At 12.59 p.m., Sensex lost 393.77 points at 10,289.62, after hitting a high of 10,484.85 and a low of 10,217.52. Meanwhile the broad based Nifty stood at 3,093.35, after shedding 141.55 points after touching a high of 3,235.75 and a low of 3,071.60. (12.59 p.m.)

The total market breadth was weak. Out of 2,341 stocks traded on the BSE, 721 recorded gains. 1,542declined gains and 78 stocks remained unchanged.

The major gainers in the 30-share index were ITC (2.81%), and Bharat Heavy Electricals (0.58%).

On the other hand, Reliance Communications (7.44%), Bharti Airtel (7.19%), Tata Steel (7.11%), Tata Consultancy Services (6.21%), Tata Motors (5.79%), and Mahindra & Mahindra (5.75%) were the major losers in the Sensex.