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Sensex drops 438 points

MUMBAI: Stock markets continued its negative trend at the close of trading for the week with the Bombay Stock Exchange 30-share sensitive index losing 438.41 points at 17559.98 on Friday and the 50-share Nifty 135.70 points at 5215.30. The issue of Participatory Notes (PN) is still haunting the markets as foreign institutional investors are major sellers on bourses.

The rise in global oil prices to $ 89-90 a barrel affected other Asian equity markets. On the domestic front, inflation recorded at 5-year low at 3.07 per cent. According to some market participants, this is an encouraging sign for the Reserve Bank of India to lower rates at the month-end, when it would meet for the half yearly review of its Annual Policy. The surge in funds came through PN route gave some warning signals to the authorities and they preferred some control on them. Though it will take few days for the Securities and Exchange Board of India to act on its proposals, foreign funds have already reacted to the issue.

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