Business Daily from THE HINDU group of publications
Wednesday, Sep 24, 2008
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Business Daily from THE HINDU group of publications Wednesday, Sep 24, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Stock Markets Industry & Economy - Petroleum Sensex down on volatile oil, liquidity crunch The Sensex lost more than three per cent, and closed at 13,570 points The Nifty closed at 4,127, down by 2.28 per cent IT, realty, banking companies were the biggest losers in today’s session Our Bureau Mumbai, Sept. 23 Mounting oil prices and tightening liquidity in the money market hit investor sentiment again on Tuesday when stocks declined across the board. There was a major spike in Nymex crude contracts for October which closed $16 higher at $120.92 a barrel. An intra day rise of $25 a barrel on Monday led to a major sell off in the overnight US equity markets. “Crude has become very volatile, after remaining subdued for some time, it has again gone above the $100 a barrel mark which has brought back cost related worries,” said an analyst. With Asian markets also opening lower, the Sensex followed suit, opening with a negative gap and declining further towards close, dipping steeper as the European markets too opened lower. The Sensex lost more than three per cent, and closed at 13,570. The Nifty closed at 4,127, down by 2.28 per cent. “The interest rates have spiked and there is tightness in the money market,” said Mr Satish Ramanathan, Head of Equities, BNP Paribas Mutual Fund. “The corporates that were in the midst of their capex programmes…their profits are going down while their working capital requirements are rising.” “The worst thing on Tuesday was that the market was going down but no buying emerged. Even some of the insurance companies that usually pump in money in such market conditions, were seen selling,” an analyst said. The FIIs were yet again on a selling spree. They were net sellers of equities worth Rs 924 crore, data supplied by custodians to the exchanges indicated. The domestic institutional investors were net buyers for Rs 68.77 crore. The bulk deals reported on BSE and NSE showed a mixed trend with some FII transactions emerging both on the buy as well as the sell sides. FIIs have been net sellers of equities worth Rs 6,315 crore in the current month, as of September 22, SEBI data indicated. On Tuesday, the fall in the IT, realty and banking sector indices was the biggest among the BSE sectoral indices. Dalal Street likely to see range-bound movement Sensex rises 5%; FIIs turn net buyers FIIs continue selling spree More Stories on : Stock Markets | Petroleum | Foreign Institutional Investors
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