ICE stocks crash as Sensex nosedives 97 points

MUMBAI, MARCH 5. Led by infotech, communication and entertainment (ICE) stocks, equities generally showed a downward trend on the second consecutive session on the Bombay Stock Exchange today in the wake of heavy selling pressure from speculators as well as institutional investors.

Panic and uncertainty loomed large on the bourses as ICE scrips, mainly those had been accumulated by a particular bull, came under close scrutiny and were battered badly on the opening day of new account following host of negative factors.

Placing the blame for repeated hammering at the door of a bear cartel, dealers said the sentiment was affected on fears that the probe by the Securities and Exchange Board of India (SEBI) into last Friday's crash would lead to disclosure of alleged links between foreign funds and big players.

In spite of additional volatile margins of 10 per cent on sales imposed by the SEBI in a bid to contain the falling trend, the market witnessed widespread selling as operators and even domestic institutional attempted frantically to book losses at any available market price, they added.

Reflecting the share meltdown, the BSE sensitive index that had initially firmed up to the day's high of 4127.12, later nosedived to a low of 3947.71 before closing at 3998.12 against last Friday's close of 4095.16, netting a fall of 97.04 points or 2.37 per cent.

The BSE-100 index fell further by 55.50 points to 1966.09 from the previous close of 2021.59.

Market sources were extremely critical about the alleged bear cartel, saying ``this group had been at work for quite some time hammering down prices of Himachal Futuristic, Global Telesystem, Zee Tele and Satyam Computers, belonged a leading bull''.

- PTI

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