Sensex skids over 500 points

Sensex skids over 500 points
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First Published: Fri, Jul 25 2008. 05 12 PM IST
Updated: Fri, Jul 25 2008. 05 12 PM IST
Livemint.com
New Delhi: India’s share prices slumped on Friday as global markets fell on troubling economic data in the United States and Britain, raising fresh concerns over sluggish growth.
The benchmark 30-share Sensex index skidded 502 points or 3.4% to 14,275 levels, its second straight day of losses.
“Weak global markets caused the sell-off. The news of terror attacks in IT hub Bangalore also hit sentiment,” said Manoj Kakaiya, a dealer with ULJK Securities.
“Technically, Nifty future has moved up to its resistance levels around 4,530 - 4,575 region. There has been a near vertical rise in the past few days and some consolidation is likely in the 4,300 -4,500 region before the next move,” added a technical analyst with Religare Securities.
Dealers said focus would now be on the monetary policy review meeting by India’s central bank next Tuesday. The Reserve Bank of India is widely expected.
At the bourses, Reliance Industries Limited, operator of the world’s third-largest refinery, dropped 6.9% on concerns that increasing competition in its core refining business may curb profit growth.
HDFC, HDFC Bank, ONGC, State Bank of India, ICICI Bank, DLF Limited, BHEL, Tata Steel and Ambuja Cements were some of the other key losers in the BSE-30 pack.
(with AFP inputs)
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First Published: Fri, Jul 25 2008. 05 12 PM IST
More Topics: Markets | Stocks | Sensex | Nifty | BSE |