Market update: Shares close down 2.79%

Market update: Shares close down 2.79%
AFP
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First Published: Fri, Sep 05 2008. 03 53 PM IST
Updated: Fri, Sep 05 2008. 03 53 PM IST
Mumbai: Indian shares tumbled on Friday, closing down 2.79% after heavy losses on Wall Street overnight on US economic jitters, dealers said.
The benchmark 30-share Sensex index fell 415.27 points to 14,483.83.
“There are fresh global concerns and investors chose not to build up positions ahead of the weekend,” said Advait Date, a dealer with brokerage BHH Securities.
The markets ignored official data on inflation, which slowed for a second straight week but was still far above the central bank’s tolerance level, fuelling expectations of more monetary tightening.
India’s annual inflation slipped to 12.34% for the week ended 23 August from 12.40 percent a week earlier.
The Bombay Stock Exchange benchmark Sensex tumbled by 460 points at midsession on on heavy selling by foreign funds as well as retail investors following weak global trend.
The 30-share index, which fell by over 150.76 points the previous, plunged by 460.51 points, or nearly 3.2% to 14,438.59 points at 1230 hrs on selling by funds in heavy-weight stocks led by metal and banking sectors.
Similarly, the National Stock Exchange’s index Nifty also fell by 118.85 points to 4,328.90 as all the 50-index constituents were in negative zone.
Stock brokers said meltdown on the global stock markets, mainly dampened the trading sentiments here, triggering all-round selling by market participants.
In global markets, the US Down Jones Industrial Average Index suffered a hefty loss of 2.99% last evening, a biggest fall in more than two months. Hong Kong’s Hang Seng Index also dropped by 3.12% in early trade.
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First Published: Fri, Sep 05 2008. 03 53 PM IST
More Topics: Stocks | Midsession | Markets | Sensex | Mumbai |