Sensex dips 344 pts - Hindustan Times
close_game
close_game

Sensex dips 344 pts

Hindustan Times | By, Mumbai
Nov 26, 2009 09:43 PM IST

Rising US dollar against Euro, bearish trend in Chinese and European markets and negative Tata Steel results pushed Sensex, the benchmark index of Bombay Stock Exchange (BSE), to lose 344 points.

Rising US dollar against Euro, bearish trend in Chinese and European markets and negative Tata Steel results pushed Sensex, the benchmark index of Bombay Stock Exchange (BSE), to lose 344 points.

HT Image
HT Image

While debt problems in Dubai raised fresh concerns about the global financial system and send banks sliding in Europe, speculation about Chinese banks raising capital overseas led to selling pressure. Investors unwound positions on the last day of monthly derivatives taking cues from lower world markets also led to loss in banks.

Hindustan Times - your fastest source for breaking news! Read now.

Sensex lost two per cent from its previous close of 17,198 to end at 16,854 on Thursday. S&P CNX Nifty of the National Stock Exchange fell 102.6 points or two per cent to 5005 from 5108 on Wednesday.

“The market fell as immediate reaction to bearish Chinese market, which was down by 3 per cent. Europe had also opened lower,” said Dinesh Thakkar, CMD, Angel Trading.

The market had to contend with selling pressure practically through out the day. “The results of Tata Steel, discomfort due to strengthening of US dollar against Euro and speculation that Chinese banks intend to raise capital overseas led to selling pressure gaining momentum,” said Avinash Gupta, assistant vice-president Research Equity, Bonanza Portfolio.

“There is nothing serious as fundamentals are holding well. Market was over due for correction,” Thakkar said.

The cement stocks, particularly those with plants in South (India Cements), were in demand following the news of hike in cement prices in Andhra. Two-wheeler stocks also ended in positive. Hero Honda and Bajaj Auto also recorded gains.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On