The Hindu : Business : High oil prices take a toll on markets

Online edition of India's National Newspaper
Saturday, Jul 15, 2006

Business

Business

High oil prices take a toll on markets

Sensex recovers partially

MUMBAI: Skyrocketing global crude prices took a heavy toll on the stock markets, which on Friday tumbled by 180 points to 10678.22 as escalating geopolitical tensions and hike in Japanese rate led to world-wide meltdown.

Taking a cue from weak global markets, the Bombay Stock Exchange 30-share sensitive index (Sensex) opened lower at 10782.98 and gradually moved downwards to the day's low of 10563.76 on mounting concern over world crude prices that touched a new high of $78.40 a barrel.

The Sensex, however, recovered part of its losses and closed the day at 10678.22 against Thursday's close of 10858.50, a net fall of 180.28 points or 1.66 per cent.

On the National Stock Exchange, the S&P CNX Nifty declined by 45.95 points or 1.45 per cent to 3123.35. Despite indications of better-than-expected earnings season, investors were seen unloading positions in the light of negative global developments, which in turn, would have adverse impact at home, market players said. . — PTI

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