No inflation gains for Sensex
After a firm start, the BSE benchmark Sensex closed weaker by over 150 points as gloomy global economic outlook outweighed a sharp fall in inflation, dampening investor sentiment.business Updated: Nov 14, 2008 16:58 IST
After a firm start, the Bombay Stock Exchange benchmark Sensex on Friday closed weaker by over 150 points as gloomy global economic outlook outweighed a sharp fall in inflation, dampening investor sentiment.
With selling emerging across counters, the bellwether index pared 300-point gain posted in early trading before losing further to end the day the weaker 150.91 points at 9385.42.
National Stock Exchange index Nifty also closed down at 2810.35 points, a loss of 38.10 points. Nifty also witnessed handsome gains at the outset.
With Sensex touching a three-year low of 7,697.39 on October 27, it has lost more than half its value so far this year to emerge as one of the worst Asian performers.
Blue-chip Reliance Industries, the heaviest among the Sensex stocks, fell for the fourth straight day by losing Rs 13.60 at Rs 1,148.55. In four day RIL has declined by 5.69 per cent.
The second heaviest Infosys Technologies also dropped Rs 41.35 at Rs 1217.90 after Britain's BT Group, one of its major clients, announced a major job cuts.
Marketmen said a over one per cent fall in inflation to 8.98 per cent from 10.72 per cent in November, raising expectations of further interest rate cuts failed to improve trading sentiment as economic outlook for countries across the world is depressingly grim.