The Hindu : Business : Sensex sheds 292 points

Online edition of India's National Newspaper
Wednesday, Aug 13, 2008
ePaper | Mobile/PDA Version

Business

Business

Sensex sheds 292 points

MUMBAI: The markets reacted sharply to the fall in industrial growth with the Bombay Stock Exchange benchmark Sensex taking a hit of over 290 points to cut its five-day-long gaining spree.

The 30-share Sensex opened strong and even touched a high of 15579.78 but turned negative after the release of data on industrial production. Marketmen said bourses rose in early trade tracking the fall in global crude prices below $113 a barrel in Asian trade on Tuesday and overnight rise on Wall Street. However, the weak IIP data dampened the positive sentiment.

The BSE barometer finally closed at 15212.13, a fall of 291.79 points, or 1.88 per cent, over its previous close. Marketmen said poor Asian and European trends also added to the weak sentiment.

In the past five trading sessions, the index had garnered 926.05 points, or 6.35 per cent. The 50-issue Nifty of the National Stock Exchange dropped by 68.15 points or 1.47 per cent to 4552.25 from the last close.

A slowdown in the manufacturing sector pulled growth in industrial production in June to 5.4 per cent from 8.9 per cent a year ago. Industrial growth almost halved to 5.2 per cent in the first quarter of 2008-09 from 10.3 per cent a year ago.

Meanwhile, Asian markets also closed lower while European indices opened lower as JP Morgan Chase, the second-biggest U.S. bank by market value, on Tuesday wrote down the value of mortgage-backed assets by at least $1.5 billion in the current quarter.

Back home, metal, banking and IT counters suffered the most on profit-selling after the recent smart rise in these segments while FMCG shares attracted good buying support. — PTI

Printer friendly page
Send this article to Friends by E-Mail

Business

News Update

Stories in this Section