Bears charged with a new vigour on stock markets across the country. The Bombay Stock Exchange turned distinctly weak on Monday following nervous selling pressure and the Sensex slumped by a whopping 70.49 points at a nearly three-month low of 3301.21 on the back of global bearishness, sell-off in Reliance stocks and a lacklustre credit policy. Reliance shares plunge MUMBAI: Reliance stocks plunged after news trickled in the afternoon that a Delhi Court has remanded two Reliance officials to 14 days judicial custody in connection with the recovery of classified documents from the corporate office. RIL, a heavily weighted counter tumbled by 13.85 to close at Rs 274.60 on hectic selling which spilled over to other scrips, taking a heavy toll on Sensex. Rejecting the bail applications of group vice-president AN Sethuraman and Corporate Affairs General Manager Shaker Adawal, Chief Metropolitan Magistrate Sangita Dhingra Sehgal remanded them to judicial custody till May 13, CBI Counsel C Sahay said after the court proceedings. V Balasubramaniam, the third accused in the CBI complaint filed on March 16, was not present at the court as he had been advised bed rest following a brain tumour operation recently in the United States. (ENS) While Reliance led the fall in stocks, the bearish trend soon spread to other stocks. “There’s nothing going in favour of the market,” said a fund manager, adding, “the political situation at the Centre is very fluid.”The announcement of the slack season credit and monetary policy by the Reserve Bank of India (RBI) failed to have any positive impact on the market, a dealer commented. “There was hardly any measure to boost the industrial growth and credit offtake. On top of this, there was no bank rate cut,” said stock dealer Pawan Dharnidharka.Marketmen were nervous ahead of a censure vote in Parliament on Tuesday over the Gujarat issue. The resignation of Coal Minister Ram Vilas Paswan created more uncertainty among operators.Right from the onset of business, share prices exhibited a weak trend following discouraging advises from New York where the Dow Jones Industrials Average fell below 10,000-mark for the first time in more than two months to close down by 124.34 points.
