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Markets close weak, Sensex down 118 points
LAST UPDATE: Tuesday, 6 May 2008 - 11:44:12 PM
MUMBAI: The markets ended in red for the second day yesterday with the benchmark Sensex losing another 118 points on weak trends in European bourses amidst oil prices soaring to record levels, augmenting inflation fears.
The 30-share Sensex on the Bombay Stock Exchange ended the day at 17,373.01, a loss of 117.89 points, or 0.67 per cent, from its last close.
The index dipped to intra-day of low of 17,237.68 points before it recouped partly in the last thirty minutes.
The broader 50-share S&P CNX Nifty of the National Stock Exchange also fell by 47.60 points, or 0.92 per cent, to close at 5,144.65.
The European markets were trading in the red in their opening following reports that Swiss Bank UBS will make sizeable job cuts and had had a preliminary deal with a US-based asset manager to sell a 15 billion dollars portfolio of sub-prime mortgages.
Asian indices, however, recovered their initial losses and ended in the black. Japanese markets were closed yesterday.
Marketmen said investors looked uncomfortable with the inflation at 42-month high at 7.57 per cent and world oil prices hitting a new record at 120.30 dollars a barrel in Asian trade.
The market is dragged by negative global factors with the earnings season at home already completed, they added.
Among Sensex-relates stocks, Bharti Airtel which is talks for acquisition of South African telecom player closed the day lower at 5.29 per cent. Realty stock DLF at 5.26 per cent and Jaiprakash Associates 5.15 per cent followed Airtel.
Other blue-chip stocks SBI, Rel Com, L&T, BHEL and REL lost in the range of 1-5 per cent.
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