Market Wrap - Sensex ends over 600 down

India`s benchmark index, Sensex extended declines on Thursday, paced by Hindalco Industries, Reliance Communications, NTPC and Reliance Industries, on concern that growth of the Asia`s third-biggest economy, India will slow down for the first time in 3 years. India is expected to grow at 8.7% in fiscal 2008, the lowest pace since 2005.

Global markets

European equities dropped in an early trade on Thursday taking clues from US markets together with drop in oil prices. US stocks plunged for a third day, paced by energy shares and retailers. Shares in Japan climbed led by mobile-phone operators and shipping companies following mobile-phone service providers reported rise in subscribers base and recommendation by Merrill Lynch for shipping stocks.

After opening at 18,198.68 points, a rise of 59.19 points over previous close, the benchmark index started falling drastically in the second half.

The 30-share index slid 612.56, points, or 3.38%, at 17,526.93, while the broad-based NSE Nifty closed at 5,133.25, down 189.30 points, or 3.56%.

Midcap Index declined 189.62 points, or 2.38%, and Small Cap Index slipped 210.18 points, or 2.02% on Thursday.

Out of the total 2,849 stocks traded at the BSE, 803 advanced, 2,002 declined while 44 remained unchanged.

All sectoral indices fell on Thursday. Drop in oil prices pulled Oil & Gas index lower by 4.41%, while other major losers include, metal which lost 4.08% and realty slipped 3.69%.

Movers and Shakers

Only gainer at the BSE Sensex was ACC, which gained 1.03% to close at Rs 772.70.

Major laggards were Hindalco Industries which lost 5.63%, Reliance Communications declined 5.51%, NTPC slid 5.13% and Reliance Industries fell 4.98%, while the rest dropped in the range of 5% to 2.5%.

Top Turnover

Reliance Natural Resources topped the turnover chart with Rs 5,697.90 million followed by Reliance Energy with Rs 3,389.30 million.