The Hindu : Business : Sensex drops 49 points

Online edition of India's National Newspaper
Wednesday, Sep 29, 2004

Business

Business

Sensex drops 49 points

MUMBAI, SEPT. 28. Share prices closed distinctly weak on the Bombay Stock Exchange here today, pushing the Sensex down by a steep 49.20 points to end at 5462.61 due to heavy selling on the fourth successive session following weak global advices on concerns over spurting world crude oil prices.

International oil prices, which flared up to an all time high of over $50 a barrel, worried market participants as it could impact ultimately on the inflation rate. In New York, the price of light sweet crude for November delivery climbed to an all time peak of $50.47.

Negative overseas advices also partly dampened sentiment. On the Wall Street, the Dow Jones industrial Average and the Nasdaq Composite Index dipped by 58.70 points and 19.60 points respectively yesterday. The Southeast Asian markets also exhibited bearish trends at close today.

The drop in the Sensex could be gauged by a sharp to moderate decline in 26 out of 30 index-based scrips including heavyweights such as Infosys, L & T, ITC, Tata Motors, Grasim, Hero Honda, ICICI Bank, BHEL, Bharti Tele-Ventures, ONGC, SBI, Satyam Computer, Tisco and Wipro.

The BSE-30 share sensitive index opened slightly lower at 5506.83 against yesterday's close of 5511.81 and touched a high of 5518.21 at early stages. Later continued offloading pushed the Sensex down to a low of 5454.85 before concluding at 5462.61.

Rising crude oil prices forced operators and high net worth individuals to turn cautious and booked profits ahead of the end of September contract on Thursday. — PTI

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