Nifty closes near Feb '10 lows; Sensex sheds 298 pts

The bears gained control of the Dalal Street in the last hours of trade, which resulted in the Nifty closing below 18-month low level. Panic selling triggered when the Nifty broke the 4800-mark.

August 26, 2011 / 16:49 IST

The bears gained control of the Dalal Street in the last hours of trade, which resulted in the Nifty closing below 18-month low level. Panic selling triggered when the Nifty broke the 4800-mark. The 30-share BSE Sensex plunged 297.50 points to close at 15,848.83 after hitting an intra-day low of 15,765.53. The 50-share NSE Nifty touched an intra-day low of 4,720, before closing the session at 4,747.80 (lowest closing for the first time since February 5, 2010), down 91.80 points.

For most parts, global cues had little to no impact on Indian sentiments. Fresh build-up of shorts and sell-off by foreign institutional investors weighed on the market. Anil Manghnani of Modern Shares & Stock Brokers set the next Nifty target at 4690.

Lots of stocks touched new 52-week low in today's trade, which includes not only midcaps and smallcaps but also largecaps. "Lot of the stocks are already at 8,000 Sensex levels if not lower and that

first published: Aug 26, 2011 04:00 pm

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