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Sensex sheds 620 points to 13,802

Sensex sheds 620 points to 13,802
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First Published: Fri, Jun 27 2008. 04 55 PM IST
Updated: Fri, Jun 27 2008. 04 55 PM IST
The markets ended weak on the back of across-the-board selling on weak global cues with the benchmark index ending down 620 points at 13,802 levels. In broader markets, the Nifty shed 179 points to 4,136 levels.
Weak sentiment in Indian bourses was attributed to the surge in oil prices that breached $141 a barrel mark, triggering fears of higher inflation and slowdown in economic growth.
Also, OPEC President, Chakib Khelil predicted that the oil prices could rise to $150-170 a barrel in the next 3-4 months on the back of weakening dollar.
In world markets, the benchmark Nikkei-225 index slipped 2% by close. Overnight, Wall Street witnessed heavy sell-off, sending the Dow Jones industrials down nearly 360 points to its lowest level in nearly two years.
Back home, inflation surged to 11.42% for the week ended 14 June, against 11.05% for the previous week. Analysts expected inflation to breach 12%.
Among sectoral indices, banking counters continued to reel under selling pressure with Bank of India slipping 8.4% by close. Axis Bank, ICICI Bank, Kotak Mahindra Bank, HDFC Bank, Karnataka Bank, Indian Overseas Bank and Yes Bank were also among the top losers.
Heavy sell-off was also visible in auto counters. Tata Motors and TVS Motors lost over 8% each by close. Escorts (down 7.8%), Mahindra and Mahindra (7.6%), Exide Industries (7%), Ashok Leyland (5.2%) and Hero Honda (4.8%) were the other notable losers.
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First Published: Fri, Jun 27 2008. 04 55 PM IST
More Topics: Markets | Stocks | Sensex | Nifty | BSE |