Sensex ends 73 pts lower as banking shares fall
The Bombay Stock Exchange benchmark Sensex on Tuesday fell by 73 points to 16,275.59 points on selling in heavy-weight stocks mainly in banking and refinery sectors.business Updated: May 27, 2008 17:48 IST
The Bombay Stock Exchange benchmark Sensex on Tuesday fell by 73 points to 16,275.59 points on selling in heavy-weight stocks mainly in banking and refinery sectors.
The 30-share index, which remained on downward march since last three trading sessions, fell further by 72.91 points to 16,275.59, after touching the day's high of 16,506.35 and a low of 16,237.92 points.
The key-index has lost nearly 1,160 points in these four session as funds remained major sellers on concerns of inflation after crude surged to record and dollar fell against leading currencies.
The wide-based National Stock Exchange index Nifty lost 15.25 points to 4,859.80, after touching the day's high of 4,932.00 and a low of 4,846.20 points.
Brokers said the market fell as major players turned cautious and cut their positions ahead of futures expiry on Thursday.
They said the market moved in a tight range as investors are anxiously awaiting the inflation numbers to be announced this Friday.
Banking shares were distinctly weak on fears continued high inflation rate could force RBI to raise interest rates. Bank index suffered the most by 184.61 points at 7,754.64 followed by PSU index by 125.86 points at 7,211.58 points.
Realty index fell by 113.99 points at 7,226.10, oil and gas index by 112.75 points at 10,707.90, consumer durable index by 85.01 points at 4,385.96, metal index by 72.44 points at 16,270.77 and capital goods by 49.54 points at 12,784.14.