Sensex sheds 123 points in late morning trade

Updated on Feb 15, 2008 11:32 AM IST
After a two-day rally, the stock market on Friday turned negative, in line with weak global cues, with the benchmark Sensex shedding 123 points in late morning trade.
HT Image
HT Image
PTI | By, Mumbai

After a two-day rally, the stock market on Friday turned negative, in line with weak global cues, with the benchmark Sensex shedding 123 points in late morning trade, amid continued short-covering in derivative segment.

Global markets turned negative due to continued unfolding of subprime mortgage crisis.

The Swiss banking giant and Europe's worst-hit bank by the US subprime mortgage crisis, UBS AG, offered a bleak outlook for 2008 as it confirmed more than 18 billion dollars write-downs.

Concerns about the US economy and the widening impact of credit crunch took a toll on Wall Street yesterday after Federal Reserve Chairman Ben Bernanke said the economy will continue to grow, although at a slower pace than in recent years.

The Bombay Stock Exchange 30-share index was quoted at 17,643.46 at 10.30 am, down 123.17 points from previous close of 17,766.63. It touched a low of 17,445.05 in early trade.

The National Stock Exchange's S&P CNX Nifty also dropped by 12.65 points to 5,189.25 at 10.35 am from last close of 5,202.

SHARE THIS ARTICLE ON
Close Story
SHARE
Story Saved
×
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Monday, August 08, 2022
Start 15 Days Free Trial Subscribe Now