Sensex dips by 244 points | business | Hindustan Times
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Sensex dips by 244 points

business Updated: May 08, 2008 20:25 IST

The Bombay Stock Exchange benchmark Sensex fell sharply by another 244 points at 10.30 am on Thursday on across-the-board selling pressure triggered by weak global cues and rising crude oil prices.

Despite appreciating dollar against the Indian currency, IT shares registered marked losses in early trade as the technology-laden Nasdaq Composite Index on Wednesday closed 1.8 per cent lower.

The BSE bellwether was quoted at 17,095.23 at 1030 hours, a net fall of 244.08 points from its last close of 17,339.31.

The broader 50-share S&P CNX Nifty of the National Stock Exchange also lost 60.25 points to 5,075.25 from its previous close.

Marketmen said bourses at home came under pressure after oil prices, which hit yet another record high at 124 dollars a barrel in Asian trade, raised inflation fears and dragged the US stock markets lower yesterday.

They said the market is completely controlled by global factors in the absence of any domestic positive factor to support its sentiment.

Soaring oil prices are expected to have an adverse impact on the inflation, which is already at uncomfortable levels.