Sensex ends 61 points down, Nifty down 22

Sensex ends 61 points down, Nifty down 22
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First Published: Fri, Jun 13 2008. 04 18 PM IST
Updated: Fri, Jun 13 2008. 04 18 PM IST
New Delhi: With Inflation at a seven year high at 8.75%, the markets closed the last session of the week down in the red. The benchmark index traded down 60.58 points over 12 June’s close at 15,189. In broader markets, the Nifty too closed down by over 22 points at 4,517 levels. The mid cap index also closed marginally up by 4.6% at 6228.17. The small cap index also rose by over 55 points to close at 7,581.
The main drag on the Sensex came from realty index that closed down by 2.59% at 5670 on fear of another interest rate hike by the RBI with rising inflationary pressures. Indiabulls Real Estate, Sobha Developers, Ansal Infrastructure, DLF Limited, Phoenix Mills, parsvnath Developers and Omaxe were some of the other key losers from the realty pack.
Metals too pulled the Sensex down by 2.08%. Other sectors pulling the Sensex down were power and FMCG along with Oil & Gas and Auto. The consumer durables sector was the surprise of the day. It rose by 1.74%.
Inflation too shot up to a seven-year high of 8.75% for the week ended 31 may as against 8.24% in the previous week. The rise was mainly driven by costlier food and vegetables articles that accounted for 0.51% increase in the inflation rate.
“It is the fuel prices that are being manifest in the inflation rate now. Going forward, one would expect the inflation rate to touch the 10% levels. The markets could be expected to go down further over the next few weeks,” said Gagan Banga, CEO Indiabulls Financial Services.
Among Sensex scrips, Sintex Industries, Chambal Fertilisers, Rajesh Exports, I flex Solutions and Indusind bank were amon the top gainers.
Tata Communications, ABG Shipyard, IB Real Estate were among the top losers.
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First Published: Fri, Jun 13 2008. 04 18 PM IST
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