Markets remain down, Sensex loses 102 pts | business | Hindustan Times
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Markets remain down, Sensex loses 102 pts

business Updated: Aug 19, 2008 17:19 IST

The Bombay Stock Exchange benchmark Sensex on Tuesday shed nearly 102 points extending the losses to the fifth straight session with consumer durables and IT stocks taking a hit while auto and metal counters remained under selling pressure amid weak trends in Asian bourses.

The 30-share barometer on BSE, which has lost 858 points in the last four sessions, lost another 101.93 points at 14,543.73.

The key index dipped to the day's low of 14,368.72 points. Investors covering their fresh short positions pulled up the Sensex but only to reduce the losses.

Buying in heavyweight stocks in metal and and technology counters saw index touching the day's high of 14,604.11 points.

The National Stock Exchange index Nifty also fell by 24.80 points at 4,368.25, after dipping to 4,316.55 and rising to 4,393.70 points during the day.

Marketmen said the market continued to be volatile even for the fifth straight session on concerns over inflation rising to a fresh high at 12.44 per cent.

Investors were unsettled also by losses in Asian stock markets on renewed US credit crisis. Asian stocks today fell to a two-year lowson fears that US government would have to bail out the top mortgage companies, destabilising further the financial sector.

Tech stocks suffered the most by losing 1.38 per cent, followed by consumer durables at 1.17 per cent.