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Sensex tumbles 268 points
MUMBAI:
The benchmark sensex went into a tailspin and ended 268 points down on Tuesday, extending its losses to the third straight session after investors reacted negatively to a decision to hike in trading margins.
After a firm start at 11943.08, the Bombay Stock Exchange benchmark 30-share Index later turned week and touched a low of 11621.61 before ending at 11646.78 against 11915.24, a net fall of 268.46 points or 2.25 per cent. The fall was triggered by the National Stock Exchange decision to hike margins in derivatives and cash segments with effect from April 28, the new trading day.
The index had rolled down by 115 points in previous day's trading, besides registering a nine points fall on Friday. The NSE wide-based index Nifty also dipped to a low of 3433.55, before winding up at 3462.65, showing a fall of 86.25 points.
High crude prices also contributed to the decline in the market, as foreign funds offloaded heavily on inflation concerns. Operators and retail traders seemed to be forced to reduce their long positions in the futures ahead of the expiry of April contract on Thursday, in a bid to escape new margins. . — PTI
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