The Hindu : Business : Sensex down 257 points on global cues

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Sensex down 257 points on global cues

MUMBAI: The Bombay Stock Exchange benchmark Sensex on Friday fell 257 points on weak global cues, discouraging inflation numbers and high international crude oil price.

The 30-share barometer touched a high of 17054.34 in early stages before retracing to a low of 16626.11 in the afternoon trade. It ended the day at 16649.64, a steep fall of 257.47 points over previous close of 16907.11.

The 50-share index Nifty of the National Stock Exchange also dipped by 78.90 points to 4946.55 from its last close.

Realty, refinery and metal counters suffered the most.

Inflation stayed over 7.8 per cent for the week ended May 10, as per the latest figures released by the government.

This triggered fears of more measures from the Reserve Bank and the Government, even as the Petroleum Ministry has sought a Rs. 10 per litre hike in petrol and Rs. 5 per litre increase in diesel prices, which would further fuel inflation.

Global oil price retreated from record high of $135 a barrel to near $ 131 per barrel, but was high enough to cause discomfort.

European stocks were trading lower, while Asian stocks also dropped barring those in Japan where the benchmark Nikkei index rose by 0.4 per cent. Pakistan Karachi 100 index lost over 4 per cent. — PTI

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