Sensex tanks 320 points on Asian cues

Global cues and profit booking pulled the Sensex down by 320 points (2.5 per cent) on Friday "� its first fall in six days. In line with Asian markets, the index remained weak throughout the day, but finally lost much more than other Asian indices.

The Sensex, which slumped to 13,908.58, saw the biggest fluctuation among equity markets included in global benchmarks.

The broad-based S&P CNX Nifty shed 94 points (2.3 per cent) to end below the 4,100-point level at 4,083.

Analysts said most players liquidated their positions as there would be trading only on one day (Monday) in the next five days. "You never know what the global markets will throw up in the coming days. It's better to stay away," an analyst said, reflecting on the market mood.

Concern over stretched valuations also contributed in a big way to the rather sombre mood. Most analysts judged recent gains to be excessive in relation to their earnings potential.

All sectoral indices ended in the red. Index heavyweights Reliance, ONGC, TCS, and SBI moved down, besides Bharti Airtel, which suffered despite coming out with better results for the final quarter.

Only three Sensex stocks ended in the green, with Satyam gaining 1.52 per cent to Rs 467, followed by Wipro to Rs 566 (0.52 per cent), and NTPC to Rs 158 (0.25 per cent).

The Cipla stock was the biggest loser on the index, down 14.27 per cent to Rs 271, on the back of its weak performance in the final quarter.