The Hindu : Business : Sensex slips further in volatile trading

Online edition of India's National Newspaper
Thursday, Nov 29, 2007
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Business

Sensex slips further in volatile trading

MUMBAI: The benchmark Sensex ended lower by another 189 points on Wednesday in volatile trade as stocks turned weak after resuming strong due to heavy squaring off positions amid sustained FII outflows in the month.

Despite a smart recovery in Wall Street on Tuesday, Asian markets lost their early gains and ended flat on renewed worries about global credit markets.

Starting strong at 19316.76, the Bombay Stock Exchange (BSE) 30-share Sensex gradually moved downwards to end the day at 18938.87, a net fall of 188.86 points from Tuesday’s close of 19127.73.

The broader S&P CNX Nifty of the National Stock Exchange also dipped by 80.60 points to close at 5617.55 against the previous close of 5698.15.

Generally, operators were engaged in squaring positions before November contract of derivatives expired on Thursday. Foreign institutional investors (FIIs), however, were believed to be slowly pulling out to raise funds to meet their redemption pressure abroad and due to fears of the U.S. economic slowdown induced by housing slump and credit crisis.

The overall rollover of about 50 per cent till the end of trading session seem low and discouraging but is expected to pick up, market players said. — PTI

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