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Sensex sheds 169 pts on weak global cues

Recovering from major initial losses, Sensex ended the day at 15,587.62, a fall of 169.46 points from its previous close.

business Updated: Apr 08, 2008 17:24 IST


The markets turned weak on Tuesday with the benchmark Sensex shedding 169 points in line with sluggish trend in Asian and European markets, even as investors awaited the fourth quarter results of India Inc.

Recovering from major initial losses, the 30-share Sensex on the Bombay Stock Exchange ended the day at 15,587.62, a fall of 169.46 points, or 1.08 per cent, from its previous close.

The index dipped to intra-day low of 15,479.42 points.

The broader 50-share S&P CNX Nifty of the National Stock Exchange also dipped by 51.55 points, or 1.08 per cent, to close at 4,709.65.

The markets trimmed initial losses on selective purchases by Foreign Institutional Investors, which were net buyers in equity on April 7.

The mid-cap and small-cap shares, however, attracted some buying interest and finished the day with moderate gains.

Marketmen said weakness in Asian and European markets weighed down on the local stocks. Asian indices ended down by about 1.0-1.5 per cent, while European markets traded sharply lower during their early trade.

Brokers said investors have pinned their hopes on quarterly corporate earnings due this month for a necessary trigger for the ailing market, Capital Goods major L&T was down 5.09 per cent due to heavy sell-off by a leading foreign fund, market players said.