Sensex falls over 100 pts, but DLF stock rises 10% after hitting record low

Mumbai: Extending losses for the secondstraight session, the benchmark BSE Sensex fell lover 100points in early trade today on sustained capital outflowsamidst a weak global trend. However, the notable gainer of the day was realty major DLF that jumped 10 percent.

A widening trade deficit to 18-month high inSeptember influenced market sentiments.

The 30-share barometer, which had lost 34.74 points inthe previous session on Tuesday, lost another 100.86 points, or 0.38 per cent, to 26,248.47 with metal, oil & gas, capital goods, power and consumer durables sectors, leading the fall.

Similarly, the National Stock Exchange index Nifty fell by 27.55 points, or 0.35 per cent, to 7,836.45.

Markets remained closed yesterday on account of Assembly elections in Maharashtra.

Brokers said apart from continued capital outflows by foreign funds, a weak trend at other Asian markets in line with overnight losses in European and the US markets due to worries over the global economy, mainly dampened the trading sentiments here.

However, one stock that did surprisingly well was that of realty major DLF, which surged nearly 10 percent after starting the session by slumping to a record low. The stock rose as investors were attracted by cheaper valuations after it slumped around 28 percent on Tuesday.

DLF slumped 28.6 percent on Tuesday after securities regulator SEBI banned it from the capital markets for three years over violations related to disclosures for its 2007 listing.

Meanwhile, India’s exports grew marginally by 2.73 per cent in September, but a surge in gold imports pushed the trade deficit to about 18-months high of USD 14.2 billion.

Among other Asian markets, Japan’s Nikkei was down 2.35 per cent, while Hong Kong’s Hang Seng shed 0.98 per cent in early trade.

The US Dow Jones Industrial Average ended 1.06 per cent down in yesterday’s trade.

Agencies