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Sensex closes 272 points down
LAST UPDATE: Thursday, 8 May 2008 - 11:38:48 PM
MUMBAI: The market ended with significant losses Thursday amid negative global cues, soaring crude oil prices, the rupee value depreciating further against the dollar and inflationary fears. With no positive news to follow, investors resorted to profit selling, a fourth straight day in a row.
The Bombay Stock Exchange's Sensex closed lower by 272 points or 1.75 per cent at 17,066.92. The index touched a low of 17,038.03 after opening at 17,212.61.
Biggest Sensex gainers were Tata Steel (up 2.79%), Bharti Airtel (1.39%), Ranbaxy Laboratories (0.99%), ACC (0.69%) and Mahindra & Mahindra (0.62%).
Losers comprised ITC (down 5.46%), Satyam Computer (4.39%), Infosys Technologies (3.48%), Reliance Energy (3.29%), Larsen & Toubro (3.13%) and ICICI Bank (3.13%).
Market breadth on BSE showed 1109 advances against 1590 declines. On NSE, there were 413 gainers and 819 losers.
The National Stock Exchange's Nifty finished down 56 points or 1.09 per cent at 5079.60. The index fell from a high of 5143.05 to a low of 5062.45.
Stocks in Europe were subdued tracking global cues and ahead of the European Central Bank and Bank of England's policy announcement. The ECB is expected to leave interest rates at 4 per cent as inflation remains well above the central bank's comfort zone. The BoE is also set to keep rates on hold at 5 per cent.
US crude settled up $1.69 at $123.53 a barrel, after a record peak of $123.75.v
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