MW: Sensex drops below 17,000, as metal stocks fall
By V. Phani Kumar
HONG KONG (MarketWatch) -- Indian shares slumped Friday morning, in line with a deep sell-off on Wall Street and across Asia, with metal producers, construction and real-estate firms suffering especially sharp falls. The 30-stock Sensex gave up 1.8% to 16,751.93, dropping below 17,000 for the first time since Dec. 23, while the 50-constituent S&P/CNX Nifty lost 1.9% to 4,997.30, falling below the psychologically important 5,000-point milestone. Shares of Tata Steel Ltd. (TATIFM 14.23, +0.30, +2.16%) shrank 3.8%, and Hindalco Industries Ltd. (HNDF.F 0.00, 0.00, 0.00%) gave up 2.2%, with engineering and construction firm Larsen & Toubro Ltd. sliding 4.1% and real-estate major DLF Ltd. dropped 3.9%.
