The Hindu : Business : Markets turn cautious

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Friday, Jul 25, 2008
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Markets turn cautious

MUMBAI: Snapping its five-day winning streak, the Bombay Stock Exchange benchmark Sensex closed lower by more than 165 points on Thursday after crossing the key 15000-level for the first time since June 20 during intra-day as investors turned cautious ahead of release of latest inflation numbers.

The 30-share BSE bellwether index closed at 14777.01, a loss of 165.27 points, or 1.11 per cent, from its last close.

The Sensex had gained 2366 points, or 18.82 per cent in the last five trading days. The 50-share Nifty of the National Stock Exchange dropped by 43.25 points from its last close.

Brokers said investors adopted a cautious approach following reports that the inflation might cross the 12 per cent mark.

Public sector oil refinery stocks such as ONGC, HPCL and BPCL scored impressive gains.

Rupee pierces 42-mark

The rupee on Thursday rallied to trade below 42-mark initially but could not sustain the gains and closed cheaper by four paise at 42.13/14 against the dollar as a heavy demand for the greenback emerged from oil refiners amid a downtrend in local stocks. Initially, the domestic unit surged past the 42-level to hit a 10-week intra-day high of 41.82 in anticipation of fresh capital inflows. The rupee closed at 42.10 on Wednesday.— PTI

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