The Hindu : Business : Sensex nosedives 334 points

Online edition of India's National Newspaper
Tuesday, Jun 13, 2006

Business

Business

Sensex nosedives 334 points

MUMBAI: The stock markets on Monday made a dramatic reversal and wiped out most of Friday's gains as high interest rates and oil prices caused high volatility and dragged the Bombay Stock Exchange's benchmark Sensex 334 points down to 9476.15.

The market nosedived as retail investors and domestic funds once again turned heavy sellers, following an indication that relentless rise in oil prices and hardening of interest rates worldwide would have an impact on the country's budget.

The BSE 30-share sensitive index (Sensex) had scored its highest ever singe-day rise of 515 points after suffering heavy losses of 1156 points in four days between June 5 and 8. The Sensex saw a high level of volatility after opening firm at 9858.47 and later fluctuated wildly between 9859.38 and 9428.03 before closing 9476.15 against last weekend's close of 9810.46, a net loss of 334.31 points or 3.41 per cent. Similarly, on the National Stock Exchange, the S&P CNX Nifty dropped by 89.45 points or 3.12 per cent to 2776.85.

PTI

Printer friendly page
Send this article to Friends by E-Mail