Bull run trips over metal, oil price worries

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Our Bureau

Mumbai, June 2

BULLISHNESS in stock market hit a roadblock on Thursday with metal and oil prices adding to the worries of the bourses.

The benchmark indices, Sensex and Nifty, shed 1.10 per cent each during the day's trading, while BSE's Metal index lost 2.26 per cent.

With the international exchanges registering a good day on Wednesday, the markets opened in the green. But by mid- morning, concerns over slowdown in China and other markets for metals and continued lack of clarity over raising fuel prices in India weighed the sentiment down.

The Sensex touched an intra-day high of 6756.62, but ended the day with a loss of 74.34 points at 6655.56. The Nifty ended lower by 22.9 points from Wednesday's close at 2064.65.

Brokers said that though there were not any news-based triggers or fundamental changes in most scrips, many investors preferred to book profits today.

Among the metal scrips, Hindalco Industries got hammered by Rs 34.20 to close at Rs 1,079.05, registering a 3.07 per cent loss. Sesa Goa Ltd closed lower by Rs 20.95 at Rs 630.85. SAIL and Tata Steel lost 2.85 per cent and 2.15 per cent and closed at Rs 51.10 and Rs 348.60, respectively.

(This article was published in the Business Line print edition dated June 3, 2005)
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