Sensex, Nifty down 3 pc on weak global cues | business | Hindustan Times
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Sensex, Nifty down 3 pc on weak global cues

business Updated: Sep 13, 2008 14:18 IST

Enthusiasm over the atomic energy waiver for India was short-lived and key indices in the benchmark Sensex and Nifty registered further losses over the week as negative global cues continued to cast a shadow on the Indian equity markets for the second week in succession.

In the week to September 13, the Bombay Stock Exchange 30-share barometer ended the week at nearly eight-week low of 14,000.81, netting a fall of 483.02 points or 3.33 per cent from its previous weekend's close.

Similarly, the 50-share Nifty of the National Stock Exchange dropped by 123.85 points or 2.85 per cent to close the week at 4,228.45, from last weekend's close.

Initially, the markets rallied by more than three per cent on Monday after India on Saturday secured a waiver from the Nuclear Suppliers Group for trade in atomic energy.

However, the market's surge failed to sustain as global markets remained weak for the major part of the week following lingering worries about broader impact of credit crisis coupled with a fall in infrastructure growth in July.

There were signs of re-emergence of global credit crisis after the US-based Lehman Brothers reported huge losses for the third quarter.

The markets also reacted negatively after ADRs of IT majors such as Infosys Technologies, Wipro and Satyam Computer suffered a sharp setback in New York following stronger dollar against the British pound and the euro, which is expected to affect earnings of these companies.

Meanwhile, the markets set aside easing inflation, which declined to 12.10 per cent for the week ended August 30 and a bounce in India's industrial growth to 7.1 per cent in July.