Initial rally fails to sustain, sensex drops by 135 points
Mumbai: In the continuing saga of share price crashes following the happenings at the Nasdaq, equity prices on the Bombay Stock Exchange, after an initial rally, dropped further, bringing the BSE sensex down by a further 135 points, to close at 4,745.67. Similar trends prevailed at the National Stock Exchange where the S&P CNX Nifty closed at 1414.80, 28.75 points (1.99 per cent) below Monday's close. The advance decline ratio was in favour of the bears with 334 stocks advancing as against 561 which recorded declines in their prices.

The initial upswing was due to the recovery on the American bourses, but prices went down on the investor sentiment of an uncertain environment. The recovery on the Nasdaq failed to have any impact on the technology stocks, which continued to be hammered southwards. Analysts, however, strongly felt that the markets were in a consolidation phase, and were sure that the index would not go below the 4,600 mark.

Among the major gainers during the day's trading were Escorts, ICICI, Bharat Electronics, Ashok Leyland and Tata Steel. Among the major losers in the market were the technology giants Infosys Technologies, Satyam Computer and Wipro. Apart from these the other major losers were Hindustan Lever, ACC, Wyeth Lederle and ABB.
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