The Hindu : Business : Sensex loses 176 points on fluid political situation

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Wednesday, Jul 09, 2008
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Sensex loses 176 points on fluid political situation

MUMBAI: The two-day resistance to selling pressure was snapped on Tuesday in stock markets with the benchmark Sensex closing lower by a significant over 170 points on fluid political situation, high crude prices and particularly weak global bourses where credit fears resurfaced.

The 30-share Sensex, which had notched up over 430 points in past two sessions, lost 176.34 points at 13349.65 on Tuesday. It touched the day’s low of 13049.96 and a high of 13451.67. Wider National Stock Exchange index Nifty also fell by 41.45 points at 3988.55.

Marketmen said bourses turned bearish in the morning after Monday’s marginal gain as credit fears resurfaced in global equities. Besides, bearish global markets also cast their shadow on domestic bourses, brokers said. In the Asian market, Hang Seng down by 3.16 per cent, Nikkei by 2.45 per cent, Straits Times by 1.62 per cent, Kopsi by 2.93 per cent and Taiwan by 3.94 per cent.

As selling trend came back to the bourses, IT counters bore the maximum brunt with the sectoral index losing 3.11 per cent. Ahead of its first quarter results for the current fiscal, bellwether Infosys lost a hefty 3.62 per cent.

Both Reliance Communications and Reliance Industries closed lower in the range of 1-2 per cent on the Bombay Stock Exchange ahead of the 45-day exclusive talks between the ADA Group firm and South African telecom entity MTN ending on Tuesday. Reliance Industries settled at Rs. 1,978.60, down 2.44 per cent from Monday’s close. — PTI

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