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Sensex nosedives 121 points on selling
MUMBAI,
MARCH 22.
High global oil prices continued to cast a shadow on the stock market and the Sensex, on Tuesday, tumbled by 121 points on across-the-board selling pressure from domestic investors amid a slowdown in foreign institutional investment inflows with the approach of year-end.
International crude prices fell in Asian trading but remained well above $57 a barrel leading to worries that the rising oil prices might adversely impact the economy in the long term.
The BSE benchmark 30-share index opened steady at 6655.78 and later gradually moved downwards to the intra-day low of 6520.15 before ending the day at 6535.45 against yesterday's close of 6656.69, a net loss of 121.24 points.
With the year-end approaching, domestic investors, including domestic funds, resorted to heavy selling in a bid to wind up positions even as crude prices ruled around the record high levels and foreign institutional investors slowed down their activity. — PTI
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