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Source: media reports

Inflation, global cues dampen sentiment

Inflation, global cues dampen sentiment
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First Published: Fri, May 09 2008. 04 04 PM IST
Updated: Fri, May 09 2008. 04 04 PM IST
The markets ended weak on the back of weak global cues amid soaring inflation with the benchmark index slipping 343 points to 16,737 levels. In broader markets, the Nifty ended at 4,982, down nearly 100 points.
Inflation for the week ended 26 April stood at 7.61% as against 7.57% a week ago. Oil prices that surged past $125 a barrel, lifted by speculative demand amid tight supplies were another cause for worry.
Back home, ACC, TCS Limited, Reliance Energy, HDFC, Hindalco and BHEL were the top losers among the BSE 30 scrips. Profit booking was also visible in Jaiprakash Associates, Ambuja Cements, Infosys Technologies, ONGC, NTPC and HDFC Bank.
Among sectoral indices, the BSE oil and gas index was the worst hit that lost 4.7% by close of trading session. Reliance Petroleum, Aban Offshore, Cairn India, Reliance Natural Resources Limited and GAIL India were the key losers in this space.
PSU oil refining and marketing companies – Bharat Petroleum Corporation, Hindustan Petroleum Corporation and Indian Oil Corporation also ended weak.
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First Published: Fri, May 09 2008. 04 04 PM IST
More Topics: Markets | Sensex | Nifty | BSE | NSE |