Yesterday's gain is today's loss for Sensex
It was yesterday no more for the markets as further bad news on the drought-like situation and weak global trends pulled down the BSE Sensex today by 226 points, close to what it gained in the previous session.business Updated: Aug 19, 2009 19:43 IST
It was yesterday no more for the markets as further bad news on the drought-like situation and weak global trends pulled down the BSE Sensex today by 226 points, close to what it gained in the previous session.
Brokers attributed the fall to doubts on the possibilities of recovery across the world and continued concerns on the drought-like situation in many parts of the country and what it would do to rural demand.
The Bombay Stock Exchange 30-share barometer initially touched a high of 15,096.94 before sliding to a low of 14,684.45. It later recovered some ground to settle the day at 14,809.64, a fall of 1.50 per cent from its previous close.
Yesterday the Sensex ended up by 250.34 points or 1.69 per cent.
China's Shanghai Composite Index tumbled by a whopping 4.3 per cent to a two-month low. Other Asian markets also ended in the red. Trading in US stock index futures indicated a fall at the opening bell today, which put pressure on the local markets.
Bonanza Portfolio Assistant Vice-President Avinash Gupta said: "The Chinese stock market casts its shadow. The Nifty went down and so did the other Asian and European markets. The market is in a phase of consolidation and is expected to make range-bound movements with a downward bias."