The Hindu : Business : Weakness in global markets drags Sensex

Online edition of India's National Newspaper
Tuesday, Apr 19, 2005

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Business

Weakness in global markets drags Sensex

Special Correspondent

Metal, banking and pharmaceutical stocks lose sheen

MUMBAI: The weakness in stock prices continued on Monday due to sustained selling pressure as markets tracked weakness in other Asian markets. While metal, banking and pharmaceutical stocks lost their sheen, there were gains in some select automobile and oil refinery stocks.

The benchmark Bombay Stock Exchange 30-share sensitive index (Sensex) lost 91.56 points, or 1.47 per cent, at 6156.78. It recovered from its intra-day loss of around 130 points. From its all time high of 6954.86 touched in intra-day on March 9, the Sensex has lost nearly 800 points, or over 10 per cent. In the last two trading sessions, the Sensex lost around 312 points. The 50-share NSE S & P CNX Nifty index lost 28.50 points, or 1.46 per cent, at 1927.80.

Global and Asian markets too continued their fall with disappointing results from the U.S. giant IBM and Asian giant Samsung Electronics. Further weakness in global metal prices hit the metal stock prices domestically. The Indian stock prices fell sharply last Friday, by around 220 points.

Trading on the National and Bombay stock exchanges was extended till 4 p.m. on account of a technical snag on the NSE, due to which trading in NSE's Futures & Options segment was disrupted till 3 p.m.

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