Sensex closes 228 points down on weak global cues, inflation | business | Hindustan Times
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Sensex closes 228 points down on weak global cues, inflation

The Bombay Stock Exchange benchmark Sensex today lost 228 points to drop from 33-month record levels due to profit booking sparked by reports of high inflation and weak global trends.

business Updated: Oct 07, 2010 17:18 IST

The Bombay Stock Exchange benchmark Sensex today lost 228 points to drop from 33-month record levels due to profit booking sparked by reports of high inflation and weak global trends.

The 30-share BSE barometer fell sharply by by 227.76 points to 20,315.32 points as recent gainers like realty, software exporting and financial stocks tumbled. The index had gained 135.37 points to close at 33-month high of 20,543.08 on Wednesday.

The broad-based National Stock Exchange index Nifty fell by 66.15 points to close at 6,120.30 points.

Weak advices from the global market mainly affected the market sentiment, brokers said.

European markets declined in the early trade ahead of interest rate decision from the Bank Of England and the European Central bank. The key indices in France, Germany and London were trading lower by 0.03 per cent to 0.08 per cent.

Food inflation remained at a high level of 16.24 per cent as of September 25, official data released today showed.

In the 30-BSE index components, 17 stocks closed with losses while 13 ended in the positive zone.

IT stocks led by Infosys Technologies closed down after a US report raised concern about the global economic recovery after the private job payroll fell. The software exporting companies get more than 50 per cent of their revenue from the US and European markets.

Infosys closed over 1 per cent, or Rs 46.45, down at Rs 3,055.25.

The realty sector index suffered the most losing 2.80 per cent to 3,930.31, followed by metal index which fell by 1.70 per cent to 17,654.71. The IT sector index lost 1.30 per cent to 6,030.26 and capital goods index by 1.26 per cent to 16,325.56 points.

With the profit-booking spreading over a wide front, smallcap index lost 0.89 per cent to 10,541.69 and midcap index by 0.68 per cent to 8,369.62.

Asian stocks ended lower as investors remained cautious ahead of the release of Friday's US job data. The key indices in Singapore, South Korea and Japan fell by 0.07 per cent and 0.73 per cent while Hong Kong index edged up by 0.02 per cent.

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