Sensex slips below 11k, ends 452 pts down -
May 19th, 2006
Stock markets continued to bleed for the second successive day today, losing another 452 points on top of yesterday's mayhem as investors lost at least Rs 300,000 crore due to panic selling since Thursday.
After a plunge of 826 points, the biggest fall in the history of the market on Thursday, the market fluctuated from one end to the other but closed the day lower, with the Sensex shedding about 1,300 points (11 per cent) in two days, virtually showing no positive effect in the wake of Finance Minister P Chidambaram's clarification on taxing FIIs.
The situation was further compounded by the demand for long term capital gains raised by ruling UPA's ally CPI-M.
"There was a general nervous feeling in the market and there were hardly any worthwhile buying interest including by domestic institutions," a leading broker said.
There were no comments from either market regulator SEBI or the Finance Ministry on the likely reasons for a steep fall today although analysts feel that the onslaught of bears would continue to fuel selling pressure in the next few trading sessions.
During the day's trading, BSE Sensex, the benchmark index, fluctuated by nearly 900 points but closed lower by 452.85 points at 10,938.61, as panicky medium investors joined funds in selling blue chip stocks including Reliance, ONGC and Infosys.
The wide-based National Stock Exchange index Nifty also dropped by 142.00 points at 3246.90. | 
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