The Hindu : Business : Sensex falls for the sixth trading day in a row

Online edition of India's National Newspaper
Thursday, Nov 20, 2008
ePaper | Mobile/PDA Version

Business

Business

Sensex falls for the sixth trading day in a row

Investors are booking profits at any rise in share prices

MUMBAI: The Bombay Stock Exchange sensitive index fell for the sixth day in a row with the Sensex paring the early gains to close lower by 163 points on Wednesday on selling, triggered by particularly weak cues in overseas markets and profit booking by cautious investors.

The 30-share Sensex on BSE closed at 8773.78 against 8937.20 on Tuesday, after a highly volatile trade which marked the trade in the past few days.

The Sensex has lost a whopping 1762 points in the past six days due to relentless selling.

Consumer goods stocks and banking shares took a toll on their prices. The Sensex surged nearly 300 points or 3.3 per cent in early trade before selling pressure emerged pulling down the Sensex steeply. Sustained capital outflows and worries of recession getting longer than anticipated wiped out early gains.

Relief measures, such as imposition of import duty on steel and crude soya bean oil, also failed to have any impact on investor sentiment.

Barring Shanghai Composite which soared by 6.05 per cent, other Asian indices were down by about 0.5 per cent to 2 per cent, while European markets were lower by over 1.5 per cent in their early trade. Japan’s benchmark Nikkei 225 average fell 55 points, or 0.7 per cent, to 8273.22

Brokers said investors were cautious and booked profits at any rise in the share prices. — PTI

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

Business