Global economic worries hit Indian market, Sensex down 114 pts
Global economic apprehensions of a slowdown in manufacturing growth in the coming months on debt crisis in Europe pulled down the BSE benchmark Sensex by 114 points during the week.business Updated: Jul 03, 2010 15:57 IST
Global economic apprehensions of a slowdown in manufacturing growth in the coming months on debt crisis in Europe pulled down the BSE benchmark Sensex by 114 points during the week.
Metal shares slid sharply on heavy selling. The BSE-Metal index fell 500.58 points or 3.36 per cent, after the
Conference Board, a US-based research group, corrected its April 2010 gauge to assess the outlook of China's economy.
IT shares dropped on profit-taking in view of dismal US economic data, while banking stocks moved down on rate hike
worries (RBI raised key rates after market closed on Friday).
However, capital goods, small-cap, mid-cap and oil & gas sectors firmed up on good support as exports rose for the
seventh straight month in May 2010, growing at a rate of 35 per cent per annum to USD 16.1 billion. Still, cooling of the
manufacturing growth in June adversely affected the market.
Oil & gas stocks extended gains after government freed petrol pricing and raised prices of other fuels last week.
The 30-share Sensex resumed higher at 17,577.66 and hovered in a range of 17,794.80 and 17,373.78 before ending
the week at 17,460.95, showing a net loss of 113.58 points, or 0.65 per cent.
First Published: Jul 03, 2010 15:56 IST