The benchmark BSE Sensex plummeted by 562.88 points on Friday to hit nearly 14-month low of 25,201.90 amid heavy selling in global equities ahead of the US jobs report.

    Friday's closing was the lowest level since July 14, 2014 when the index had closed at 25,006.98.

    Experts say a strong non-farm payrolls data is expected to allow Federal Reserve to consider a September rate hike.

    "The global risk is getting highlighted with the focus mounting on the prospects of a US rate hike soon," said Vinod Nair,  head - fundamental research at Geojit BNP Paribas Financial.

    Fresh weakness in the rupee against dollar also weighed.

    On a weekly basis, the Sensex lost 1,190.48 points or 4.51% and Nifty fell 346.90 points or 4.33%. This is the fourth straight weekly plunge for both the indices.

    On the day, the NSE Nifty also cracked the 7,700-level.

    Gaurav Jain, director of Hem Securities, blamed continued selling pressure by the foreign investors, weakness in rupee and global jitters for the sell-off.

    The 30-share index stayed in the negative zone for most part of the day and touched a low of 25,119.06 before ending at 25,201.90, a steep fall of 562.88 points or 2.18%.

    The gauge had gained 311.22 points in Thursday's trade.

    The broader NSE Nifty also succumbed to all-round selling and slipped below the crucial 7,700-mark to settle the session 167.95 points or 2.15% down at 7,655.05.

    In broader markets, small-cap and mid-cap indices closed lower by 2.47% and 1.90%, respectively.

    Vedanta was the top Sensex loser, tumbling 4.84%, followed by GAIL 4.73%.

    Out of 30-share Sensex pack, 28 fell, while only Bharti Airtel and Coal India managed to buck the trend.

    Sectorally, BSE realty index suffered the most by plunging 3.32%, followed by infra 3.24%, power 3.03%, bankex 2.65%, healthcare 2.42% and IT 2.34%.

    Among other Asian markets, Japan's Nikkei fell 2.15% and Hong Kong's Hang Seng shed 0.45%, while Chinese financial markets remained closed on Friday.

    European markets were also in deep red on anticipations of a strong US jobs data.

Gold rises to Rs 22,865, silver gains Rs 400 on global cues

  • PTI, New Delhi
  • |
  • Updated: May 28, 2011 15:21 IST

Both precious metals, silver and gold, recovered on the bullion market on Saturday on emergence of buying by stockists amid firming global trend. While gold shot up by Rs 120 to Rs 22,865 per 10 grams, silver bounced back by Rs 400 to Rs 57,600 per kg.

Buying activity in the precious metals picked up as gold rose to a three-week high overseas at $17.10 an ounce and silver gained 2.07% to $37.96 an ounce as the dollar's slump spurred the demand for the metals.

Additionally, some buying by retailers for the ongoing marriage season further supported the uptrend.

On the domestic front, silver ready recovered by Rs 400 to Rs 57,600 per kg. It had lost Rs 1,300 on Friday.

Silver weekly-based delivery moved up by Rs 385 to Rs 57,585 per kg, after losing Rs 1,300 in the previous session.

However, silver coins remained steady at Rs 66,000 for buying and Rs 67,000 for selling of 100 pieces.

In line with a general firming trend, the gold of 99.9 and 99.5% purity shot up by Rs 120 each to Rs 22,865 and Rs 22,745 per 10 grams. The metal had lost Rs 75 in the last trading session.

Sovereigns also gained Rs 50 to Rs 18,700 per piece of eight grams.

 

also read

Sensex dips after US rate hike, global slowdown fears

blog comments powered by Disqus