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Sensex surrenders initial gains

MUMBAI: The Bombay Stock Exchange sensitive index surrendered its initial gains on Tuesday and moved downward by 108 points after a brief overnight recovery on Monday. Market participants said concerns over industrial slowdown and rising inflation, due to high global crude oil prices led to the fall.

Global rating agency Moody’s has said that wth the U.S. recording two successive quarters of weak growth, we anticipate Asia will soon begin to feel the pinch of slower demand across the Pacific.

The Sensex initially touched a high of 17085.63 on the back of a art rally in the markets. But concern over the slowdown in the Indian economy led to the 30-share index falling to 16752.86, a fall of 108.04 points from Monday’s close of 16860.90.

The rupee depreciated further against the dollar by six paise to 42 on Tuesday against the previous close of 42.06. In active trading at the interbank foreign exchange market, the domestic unit opened higher at 41.96/98 against Monday’s close of 42.05/06 and immediately touched a low of 42.22. — PTI

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