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Sensex ends down by over 60 pts on inflation figures

Sensex ends down by over 60 pts on inflation figures
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First Published: Fri, Feb 08 2008. 04 24 PM IST
Updated: Fri, Feb 08 2008. 04 24 PM IST
Mumbai: The markets continued its losing streak for the third day in a row with the Bombay Stock Exchange benchmark Sensex losing over 60 points to end at 17,464.89, its third lowest closing level in 2008, on reports of inflation rate rising to above 4%.
According to traders, the benchmark Sensex has slipped 4.4% this week, the biggest loss on weekly basis since 19 August. It has declined 14% this year, they added.
The 30-share Sensex, which had lost nearly 1,136 points in the last two trading sessions, fell further by 62.04 points at 17,464.89 today.
The index touched the day’s low of 17,203.06 and a high of 17,688.73 points.
Similarly, National Stock Exchange index Nifty fell by 12.90 points at 5,120.35.The 50-share Nifty dipped to 5,034.25 and rose to 5,173.85 points during the day.
Marketmen said trading sentiment turned weak on reports that the inflation rate rose to 4.11% for the week ended 26 January against 3.93% in the previous week.
The metal sectoral index recorded the steepest fall of 491.18 points at 15037.66, followed by capital goods index by 327.06 points at 15,793.56. Realty index dropped by 314.41 points at 9715.92, bank index by 234.39 points at 10,150.38, and consumer durables by 207.91 points at 4685.87.
Traders said IT stocks checked a further fall in the market by gaining a substantial ground on emergence of investment buying following some favourable reports in US.
Software company stocks rose after Cognizant Technology Solutions, a US-based computer services provider, forecast first-quarter earnings that beat estimates.
Most of the software firms here earn more than 50% of their revenues from US, marketmen said.
Late Morning
Mumbai: Sensex today fell 127 points to 17,399.55 in late morning trade as funds sold shares on concerns of projected moderation in economic growth.
The 30-share index has lost more than 1,100 points in the last two trading sessions.
The Sensex opened firm at 17.610.07 as against yesterday’s close of 17,526.93, and touched a high of 17,688.73 following positive advices from Wall Street.
However, it turned negative to quote at 17,399.55 at 10.45 am, a fall of 127.38 points.
The broad-based S&P CNX Nifty of the National Stock Exchange also declined by 37.80 points to 5,095.45 at 10.45 am from overnight close of 5,133.25.
Projection of a moderation in GDP growth from 9.6% last fiscal to 8.7% this year compelled operators and retail investors to book profits even at the current lower levels, brokers said.
Foreign institutional investors continued their selling spree and sold shares to the tune of Rs860.35 in cash segment on Thursday, while pulling out Rs266.56 crore from derivatives.
Contrary to the market trend, IT shares attracted good buying support and showed marked gains.
Mumbai: Sensex today opened 83 points higher on buying mainly in information technology stocks.
The BSE-30 share index, which lost nearly 1,150 points in the last two previous trading sessions, opened 83.14 points higher at 17,610.07.
Similarly, National Stock Exchange’s Nifty rose by 1.15 points at 5132.10.
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First Published: Fri, Feb 08 2008. 04 24 PM IST
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