132 companies see all-time low level in morning trade on BSE

Mumbai: As many as 132 companies declined to their all-time low levels in morning trade on the Bombay Stock Exchange today as weak global cues dragged the benchmark Sensex down by over 300 points.

Among the companies that witnessed all-time lows were telecom PSU MTNL (down 4.84 percent to Rs 34.35), Anil Ambani group firm Reliance Communications (down 4.15 percent to Rs 72.65), telecom equipment manufacturer GTL Infra (down 3.80 percent to Rs 10.61) and Network 18 group firm TV18 Broadcast (down 10.90 percent to Rs 42.50).

The other major losers include telecommunications value-added services provider Onmobile Global, which fell 9.13 percent to a 52-week low of Rs 55.70, KSK Energy (down 1.90 percent to Rs 98.05), real estate firm DB Realty (down 3.36 percent to Rs 64.55), state-run manganese ore producer MOIL (down 2.65 percent to Rs 297.30) and state-run lender Punjab & Sind Bank (down 4.80 percent to Rs 77).

Only seven companies, including Essar India, defied the broader market trend and soared to all-time high levels on the BSE.

The advances to declines ratio was huge, as only 552 scrips were advancing, while as many as 2,042 stocks were on a declining trend.

Marketmen said the reason behind so many firms seeing all-time lows was the ripple effect of deepening worries of a global economic slowdown, which dragged the benchmark Sensex down in morning trade today.

The Bombay Stock Exchange Sensex fell by 351.37 points in opening trade to 16,118.42 today, while the National Stock Exchange’s 50-share Nifty index slipped below the 4,900-point mark with a fall of over 100 points.

Heavy selling was witnessed in IT and banking stocks, with blue-chips like Infosys, ICICI Bank, TCS and HDFC Bank falling sharply.

Meanwhile, Asian stock markets also plummeted by nearly 4 percent in intra-day trade today following overnight losses in the US market on weak economic data for the American economy and renewed concerns about the eurozone debt crisis.

PTI