Markets end flat after record run-up

Markets end flat after record run-up


Mumbai: Indian shares closed flat on 16 October as investors locked in gains that saw the benchmark index surge 1,000 points to a fresh all-time record high in less than a week, dealers said.

They said key overseas buying interest shifted to mid- and small-cap stocks after the 30-share Mumbai stock exchange Sensex index rose above 19,000 points on 15 October.

The Sensex index fell 6.81 points or 0.04% to 19,051.86, off a new intra-day high of 19,174.45.

Sensex closed at 19,051.86, down 6.81 points, while Nifty settled at 5,668, down 2.36 points.

The previous intra- day best was 19,095.75 on 15 October.

Dealers said caution prevailed among investors who have witnessed a 3,000-point climb in the Sensex in less than a month on hopes the central bank will cut interest rates at a late October quarterly policy review.

“There were bouts of buying and selling. This trend will continue until the markets consolidate at higher levels," said Advait Date, a dealer with BHH Securities.

Overseas funds surged into the market after the US Federal Reserve cut its benchmark rate by 50 basis points in mid-September and have pumped in a record $16.73 billion since the start of 2007. AFP

Afternoon update

Mumbai: The market went into a tailspin in the afternoon, with the benchmark Sensex trading more than 250 points down and in sync with the Asian markets. A few minutes before 2:00pm on 16 October, the benchmark index was trading 270.67 points down at 18,788. The Nifty shed 84.50 points to trade at 5,585.90.

Elsewhere in Asia, Tokyo Stock Exchange’s Nikkei-225 index ended the day with a loss of 220.23 points or 1.27% to 17,137.92. Hong Kong’s main index, the Hang Seng was down 586 points to 28,955.

Analysts attributed the meltdown to oil prices, which touched all-time highs in Asian markets, and to renewed fears of a rub-off effect of the US subprime crisis.


Bangalore: Indian shares opened 0.23% higher at a record high on Tuesday, 16 October, their 18th in 19 sessions, before slipping into negative territory as losses elsewhere in Asia weighed.

At 10:01am (0431 GMT), the Sensex, 30-share BSE index was down 0.31%, or 58.81 points, at 18,999.86, after having risen as far as 19,174.45 in early deals.

The broader 50-issue NSE index Niftuy was down 0.35% at 5,650.60.

Shares in Tata Consultancy Services (TCS) opened up 1.99% at Rs1,095 after India’s top software services exporter beat forecasts with a 25.7% jump in quarterly profit. Reuters