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Sensex sheds 232 points on global market decline

Trading was marked by a high degree of volatility. All the indices on BSE except the BSE IT index settled lower.

The wholesale-price-based inflation rose 4.45 per cent in the week ended on July 28, 2007, compared to 4.36 per cent rise in the previous week.

The BSE 30-share Sensex lost 231.90 points or 1.54 per cent at 14,868.25. It opened with a sharp 466-point downward gap at 14,631.15 and slumped further to touch a low of 14,570.89. From here, it started recovering to hit a high of 14,901.31 at 15:20 IST.

The BSE Sensex oscillated in a range of 330.42 points yesterday as compared to a gyration of 480.10 points on Thursday.

Sensex had slumped 207.83 points to 15100.15, on late sell-off on Thursday after European indices opened weak after BNP Paribas suspended redemptions from three funds citing problems in US subprime mortgages.

IT stocks staged a solid comeback from the day's low. The BSE IT Index gained 0.85 per cent at 4,774.13. The BSE IT index had declined 2.77 per cent over the last one month to Thursday. It had touched a 52 -week high of 5,611.33 on February 19, 2007, and a 52- week low of 3,983.83 on August 9, 2006.

India's fourth largest software exporter Satyam Computers surged 2.33 per cent to Rs478 on 8,68,000 shares. It was the top gainer from Sensex pack. It recovered from a low of Rs 452.15.

Infosys Technologies gained 0.72 per cent to Rs 1949.90, off the session's low of Rs1872 and Wipro rose 0.51 per cent to Rs480.45, off the day's low of Rs455. TCS settled 0.37 per cent lower to Rs1142.30, after touching a low of Rs1050.

India's largest listed cellular services provider Bharti Airtel plunged 3.60 per cent to Rs838.10 on 3,82,000 shares. It was the top loser from the Sensex pack. Bharti Airtel added 2.1 million cellular customers in July 2007, taking its user base to 44.8 million.

India's largest private sector company Reliance Industries (RIL) lost 1.21 per cent to Rs1819.80 on 9,18,000 shares. It moved in a band of Rs1778 and Rs1821.80. The Egyptian government said on Thursday that Reliance Industries (RIL) will invest $10 billion in the oil refining, petrochemical and plastic industries in Egypt.

Oil & Natural Gas Corporation (ONGC) lost 2.94 per cent to Rs841. BSE Oil and Gas Index was down 1.71 per cent to 7,755.96.

India's largest commercial vehicle maker Tata Motors rose 0.85 per cent to Rs668.70. Tata Motors, India's top bus and truck maker, is looking to expand its auto sales in Southeast Asia and it plans to use Thailand as a manufacturing base.

Banking and financial shares were under selling pressure throughout the day. The BSE Bankex was down 2.52 per cent at 7,773.71, and was the worst performer among the sectoral indices on BSE.