Wednesday, November 30 2005 16:46 Hrs (IST) - World Time -

Mumbai: In highly volatile trading, the sensex today (Nov 30, 2005) suffered a massive 265.19 point loss during the session's trading on sudden bouts of selling pressure towards the fag-end and closed 142.35 points down at 8788.81 on the Bombay Stock Exchange (BSE).

The market opened firm and rallied further on increased buying spree. However, prices started to fall steeply during the latter part of trading and ended with heavy losses.

The BSE 30-share sensitive index opened firm at 8962.92 against the previous close of 8931.16 and zoomed to an all-time intra-day peak of 9033.99. Thereafter, it crashed by 265.19 points to a low of 8768.80, before closing at 8788.81, revealing a whopping 1.59 per cent loss over the previous close.

The market was so overheated that a correction at this stage was very much necessary, brokers said. However, some brokers described the sudden fall a temporary phenomenon and said the market was tended to rise further sharply and very soon the sensex could touch 9200 level as the fundamentals were strong and the country's economic growth robust.

Reflecting the buoyancy, Indian economy grew by 8.0 per cent during July-September 2005 on the strength of manufacturing and services sector, up from 6.7 per cent GDP growth in the corresponding quarter last fiscal.

Some of the sharp losers which caused the index to crash were RIL, Infosys Tech, Wipro, Bajaj Auto, Dr Reddy, TCS, Tata Motors, ONGC, SBI, L&T, Hero Honda, Satyam, HDFC, ACC and Cipla.