Sensex continues downwward slide, closes 257 points down

Sensex continues downwward slide, closes 257 points down
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First Published: Fri, May 23 2008. 04 43 PM IST
Updated: Fri, May 23 2008. 04 43 PM IST
The markets continued sliding downwards with a second day of negative close. The benchmark index slid 257 points closing at 16, 646 after a fall of 336 points yesterday. The Nifty too closed below the psychological 5,000 mark at 4,948, down 77 points.
In broader markets, the BSE Midcap index fell by 112 points to close at 6,937 while the BSE Small Cap index fell by 146 points to close at 8,517 points.
The Sensex opend firm with the oil stocks trading up on news of imminent price hike for petroleum products but were down by over 130 points in the afternoon session on negative news flow regarding inflation. It weakened further towards closing trade.
Inflation for week ending stood static at 7.82% for the week ending May 10 compared to 7.83% for the week ending May 3. Finance Minister P Chidambaram indicated that the government could impose fresh measures for price control. He also announced the notification of Commodity Tax, to be imposed on futures and options deal on commodity exchanges, that led to a further dip in sentiment.
Banking stocks were also affected by the decision to increase farmer loan waiver package to Rs 71, 680 cr from the Rs60,000 cr announced earlier.
Among sectors, realty stocks index was the worst performing with a fall of 2.38%. It closed at 7,510. FMCG, Metal, IT and Banking sectors also dragged the markets down further.
Among stocks that gained were oil companies Bharat Petroleum Company Limited and Indian Oil Corporation besides others like Tata Elxsi, Ginni Filaments, NEPC India, Blue Bird and Graphite India.
Among losing stocks Sterlite Industries, India Cement and Jaiprakash Associates were among the top losers. Reliance Infrastructure, Tata Motors, ITC, Larsen & Toubro, Infosys Technology, ICICI Bank, Reliance Industries and State Bank of India were other prominent losing stocks.
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First Published: Fri, May 23 2008. 04 43 PM IST
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