Sensex down by 281 points

Mumbai: The benchmark sensex today tumbled by a whopping 281 points, biggest fall in last two months in absolute term, to end at more-than 4-week low below 17K-mark at 16,877.35 on rekindling fears over the debt problems in Greece and Spain amid profit-booking ahead of the expiry of July contract on coming Thursday.

Selling was seen across-the-spectrum, as all 13 sectoral indices finished in the red between 0.31 pct and 3.35 pct with Metal, Realty, Power, Auto, Capital Goods and Banking segments suffering the most. Overall, 28 out of 30 sensex-based components finished with sharp to moderate losses while only pharma majors Dr. Reddy`s Lab and Cipla ended with small gains.

Fall in index-based counters like ICICI Bank, ITC, HDFC Bank, Infosys, Tata Motors, Bharti Airtel, SBI, Tata Steel, Maruti Suzuki, HDFC, L&T, Sterlite Ind, GAIL India, BHEL, Hindalco, RIL, TCS, Jindal Steel, M&M and Bajaj Auto all together contributed over 250 points to the sensex fall.

Besides global downtrend, dometic political concerns continued to daunt the market sentiment for the second day in a row, as the Nationalist Congress Party (NCP) decided to hold a party meeting today to come to a decision the future course of action on continuing its alliance with the Congress-led United Progressive Alliance (UPA) government.

The Bombay Stock Exchange 30-share barometer resumed remarkably lower on weak Asian cues on the back of bearish closing on Wall Street last Friday. It later remained in negative terrain throughout the day to settle at 16,877.35, showing a net fall of 281.09 points or 1.64 pct. Last time, it had closed at 16,859.80 on June 19, 2012.