The Hindu : Front Page : Sensex tumbles

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Wednesday, Sep 24, 2008
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Sensex tumbles

MUMBAI: The Bombay Stock Exchange sensitive index (Sensex) remained under pressure on Tuesday and dropped by over 424 points on selling by funds, particularly in IT counters, amid rising crude prices and weakness in global bourses on Monday.

Marketmen said investors globally awaited the details of the U.S. government rescue plans to tide over the worst financial crisis since 1930 before taking any fresh positions.

The Sensex closed with a loss of 424.65 points at 13570.31 after falling to a low of 13543.47 and touching a high of 13978.26.

The National Stock Exchange’s Nifty fell by 96.15 points to settle at 4126.90 as heavyweight stocks in realty, capital goods and banking segments recorded hefty losses.

Marketmen said selling pressure gathered momentum following reports of a steep fall in the U.S. and Asian stock markets.

They said rising crude oil, which recorded a biggest one-day rise on Monday, also influenced the trading sentiments at home.

Rupee falls 30 paise

The Indian rupee fell sharply by 30 paise to close at 45.74/75 against the dollar on Tuesday due to steep fall in equity markets despite late dollar buying by oil refiners.

In a fairly active trading at the interbank foreign exchange market, the rupee resumed strong at 45.36/37 against Monday’s close of 45.44/45 on expectations of more capital inflows. — PTI

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