Stock Market Updates for the today (8th July '11)
Despite a sell-off in metal stocks in early trades, the market was down just marginally for well over a couple of hours this morning as stocks from most of the other sectors, especially those from the realty space, found modest support and even managed to post some gains.
However, after moving sideways till about the penultimate hour, the market plunged sharply on heavy selling almost across the board and ended the day with sharp losses. Besides a sell-off in metal stocks following a Group of Ministers' approval for a draft Mining Bill, caution ahead of the weekend and quarterly earnings reports too contributed to the weak close of the market on Friday.
The Sensex, which rose to 19,131.70 in early trades, plunged to 18,817.71 in the final hour and settled at 18,858.04, recording a loss of 220.26 points or 1.15%. The Nifty settled at 5660.65, slightly off the day's low of 5651.05, netting a loss of 68.30 points or 1.19%.
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