Sensex below 3000-mark

MUMBAI, August 11: Pivotals slumped further on the Bombay Stock Exchange BSE today mainly on selling pressure by the foreign funds following the fall in share prices in other Asian markets. Sensex dropped below the 3,000-mark with a further loss of 50 points. The BSE Sensitive index dropped from the day8217;s high of 3008.92, fell below the psychological barrier of 3000 points to touch the day8217;s low of 2965.58 and finally ended at 2970.64, showing a net loss of 50.07 points against the previous close of 3020.71 points. The BSE-100 index lost 20.26 points 1330.79 from the previous level of 1351.05.

Brokers said the sentiment was affected due to a combination reasons including the political uncertainty in the wake of the fresh threat issued by AIADMK supremo J Jayalalita on the Cauvery water issue, fall in the rupee8217;s value against the US greenback and the general slowdown in the economy. According to a report, most Asian stock markets slipped further on lingering fears that the ever-weakening Japanesecurrency, which fell to an eight-year low, may force China to devalue its currency.

Marketmen said operators were mostly squaring-off their positions in the light of fluid political situation. ITC remained the most active scrip with a turnover of Rs 153.81 crore of the total volume of business of Rs 772.85 crore.

Sentiment remained depressed on the NSE too with prices of leading scrips declined further. The Samp;P CNX Nifty index started weak at 878.70 and fell further to close at 866.50, showing a steep fall of 12.25. Shares worth Rs 1,006.93 crore were transacted.