Business Daily from THE HINDU group of publications
Tuesday, Jul 01, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Tuesday, Jul 01, 2008 ePaper | Mobile/PDA Version | Audio |
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Stock Markets Industry & Economy - Economy Oil, weak global markets drag Sensex down 341 Our Bureau
Mumbai, June 30 Equity markets saw further erosion in value on Monday as the rising oil price and weak global markets continue to dampen investor sentiment. The BSE Sensex and the NSE’s Nifty fell by more than 2 per cent as FIIs and retail investors ended the day as net sellers. FIIs sold equities worth Rs 208 crore. The Sensex closed at 13,461 with a loss of 341 points while the Nifty came very close to breaching the 4,000-mark as it touched an intra-day low of 4,021 before closing at 4,040 with a loss of 96 points. The BSE benchmark shed 960 points over the last two trading sessions. Mr Robert Higginbotham, President of the US-based Mutual Fund Fidelity International, said the current market trend will continue for the next 12-15 months. The realty sector continued to be hammered, the BSE Realty index saw further fall of 6.81 per cent, the BSE Oil & Gas, Power, Capital Goods and Bankex too lost between 4.71 and 3.43 per cent. Rupee loses groundAs the Sensex lost over 340 points in the day, the rupee broke the resistance level of 43 and touched day’s low of 43.12/13, and closed at 43.03/04, against the previous close of 42.67/68. According to forex dealers, the dollar outflow from the domestic stock market and the crude oil prices, which crossed $143, were the main reasons for the rupee’s fall today. Equity markets surfing in sea of negatives Investors see little to cheer Downtrend likely to persist Index Outlook More Stories on : Stock Markets | Economy
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