The Hindu : Business : Sensex extends losses

Online edition of India's National Newspaper
Saturday, Apr 09, 2005

Business

Business

Sensex extends losses

MUMBAI, APRIL 8. Stocks got a further beating and the Sensex on Friday ended 66 points down extending its losses to second straight session on the Bombay Stock Exchange on heavy selling pressure even as the Government warned of stern action against debarred brokers playing behind the scenes.

Domestic financial institutions were believed to be heavy sellers amid slowdown in foreign institutional investment inflows.

Foreign institutional investors reportedly were engaged in hedging positions in the Futures and Options.

The BSE benchmark 30-share index opened weak at 6544.81 and gradually moved downwards to the intra-day low of 6456.84 before ending at 6479.54 against yesterday's close of 6545.64, a net loss of 66.10 points.

The confidence expressed by the Finance Minister, P. Chidambaram, in managing inflationary pressures, despite soaring oil prices, and his statement that there was no likelihood of hike in interest rates in the medium term, failed to salvage the situation. The Cabinet also ruled out any immediate hike in petrol and diesel prices.

The market even discounted a rally in global markets. The Dow Jones industrial average ended up 60.30 points and the Nasdaq composite index gained 19.65 points yesterday. In the Asian markets, the Nikkei and the Hang Seng ended up 63.70 points and 64.37 points respectively.

— PTI

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