Sensex loses 60 points at closing
The markets continues its losing streak for the third day with the BSE index touching a low of 17,464.89.business Updated: Feb 08, 2008 16:41 IST
The markets continued its losing streak for the third day in a row with the Bombay Stock Exchange benchmark Sensex losing over 60 points to end at 17,464.89, its third lowest closing level in 2008, on reports of inflation rate rising to above 4 per cent.
According to traders, the benchmark Sensex has slipped 4.4 per cent this week, the biggest loss on weekly basis since August 19. It has declined 14 per cent this year, they added.
The 30-share Sensex, which had lost nearly 1,136 points in the last two trading sessions, fell further by 62.04 points at 17,464.89 today.
The index touched the day's low of 17,203.06 and a high of 17,688.73 points.
Similarly, National Stock Exchange index Nifty fell by 12.90 points at 5,120.35.The 50-share Nifty dipped to 5,034.25 and rose to 5,173.85 points during the day.
Marketmen said trading sentiment turned weak on reports that the inflation rate rose to 4.11 per cent for the week ended January 26 against 3.93 per cent in the previous week.
The metal sectoral index recorded the steepest fall of 491.18 points at 15037.66, followed by capital goods index by 327.06 points at 15,793.56. Realty index dropped by 314.41 points at 9715.92, bank index by 234.39 points at 10,150.38, and consumer durables by 207.91 points at 4685.87.
Traders said IT stocks checked a further fall in the market by gaining a substantial ground on emergence of investment buying following some favourable reports in US.
Software company stocks rose after Cognizant Technology Solutions, a US-based computer services provider, forecast first-quarter earnings that beat estimates.
Most of the software firms here earn more than 50 per cent of their revenues from US, marketmen said.