Business Daily from THE HINDU group of publications
Thursday, May 22, 2008 ePaper | Mobile/PDA Version
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Business Daily from THE HINDU group of publications Thursday, May 22, 2008 ePaper | Mobile/PDA Version |
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Update at 1100 hrs (IST)
Markets Sensex dips below 17k level on weak global cues MUMBAI: The Bombay Stock Exchange benchmark Sensex on Friday lost 274 points and dipped below 17k level in early trade on major sell-off by funds, triggered by weak global markets. The Sensex has fallen by 274.04 points to 16,969.12 in the first five minutes of trade. At 11 am, the index was at 16,977.32, down by 265.84 points from yesterday's close. The wide-based National Stock Exchange index's Nifty moved down by 75.45 points to 5,042.20. Marketmen said reports of weakening trends in overseas stock markets after oil prices spiked to another record high of nearly $135 a barrel and the US Federal Reserve slashing 2008 growth forecast, mainly influenced the trading sentiments here. At the US stock markets, Dow Jones Industrial Average plummeted 227.49 points, or 1.77 per cent while the tech-dominant Nasdaq composite dropped 43.99 points. Software exporting company stocks were only gainers, backed by a firming dollar against the rupee. Major losers were Reliance Industries, State Bank of India, HDFC Ltd, Larsen and Toubro, Maruti Udyog, Mahindra and Mahindra, ONGC, BHEL and Grasim Industr ies. - PTI
Next: Rupee breaches 43 level Business Line | NUS Index | |
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