The Hindu : Business : Sensex sheds 370 points

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Wednesday, Apr 29, 2009
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Sensex sheds 370 points

MUMBAI: The Bombay Stock Exchange sensitive index, Sensex, snapped a three-day winning streak and declined by a steep 370 points on the back of weak global cues and fears of political uncertainty after the general election.

The BSE 30-share barometer moved in the range of 11375.97 and 10961.76 before concluding at 11001.75, a fall of 370.10 points or 3.25 per cent over the previous close. In the previous three sessions, the benchmark Sensex gained by 554.31 points or 5.12 per cent.

The 50-share Nifty of the National Stock Exchange dropped by 107.65 points or 3.10 per cent to 3362.35.

Brokers attributed the fall in the Sensex to profit-selling ahead of the expiry of derivatives contracts on April 29.

The fall in the Asian indices on the back of weakness on Wall Street on Monday dampened sentiment. The Kospi ended down 2.95 per cent, the Nikkei 2.67 per cent, the Hang Seng 1.92 per cent, Taiwan 1.90 per cent, Singapore 0.56 per cent and China 0.16 per cent.

Further drop in rupee

The rupee ended lower by another 28 paise at 50.51/52 against the dollar on weakness in equity markets amid sustained demand from oil companies for the U.S. currency, which was strong overseas.

In active trading at the interbank foreign exchange market, the domestic unit resumed lower at 50.42/44 from its previous close of 50.23/24.

Later, it moved in a range of 50.56 and 50.29 before ending at 50.51/52. On Monday, it had tumbled by 43 paise on hectic demand from oil companies. — PTI

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