Sensex falls 385 pts on profit-booking

The stock market benchmark Sensex fell 385 points today on profit booking by funds in heavy-weight scrips of banking, capital goods and refinery sectors.

The 30-share index touched the day's low of 19,502.45 and a high of 20,009.35 points. It later settled at 19,590.78, down 385.45 points after funds booked profits amid fears that the subprime mortgage crisis would widen.

The wide-based National Stock Exchange index Nifty also lost 85.10 points at 5,847.30. It touched the day's low of 5,819.60 and a high of 5,948.55 points.

Selling pressure also gathered momentum as the two major Asian markets --- Japan and Hong Kong --- declined. Japan's Nikkei 225 Stock Average ended 1.5 per cent down while Hong Kong's Hang Seng Index slipped 5 per cent.

On the Bombay Stock Exchange, the bank index declined the most by 233.58 points at 11,007.95. This was followed by BSE capital goods index by 334.13 points at 20,052.28. The oil and gas index lost 230.89 points at 11,505.54 and metal index slid 291.97 points to close at 17,401.69 points.