The Hindu : Sensex drops another 50 points on fresh selling

Online edition of India's National Newspaper
Wednesday, Jul 17, 2002

Business

Business

Sensex drops another 50 points on fresh selling

MUMBAI JULY 16. Reeling under heavy selling pressure from investors, stocks dropped sharply pushing the Sensex down by about 50 points at close on the Bombay Stock Exchange today.

Reacting to a series of negative developments, brokers said speculators and investors resorted to heavy unloading in key stocks due largely to a consistent slide in share prices as well as increased tension between Indian and Pakistan after the terrorist strike killing 28 persons in Jammu last Saturday.

The 30-share index opened fractionally up at 3279.50 but later reacted negatively and gradually moved downwards falling to the intra-day low at 3224.35 before ending at 3229.18 against 3278.71, a net loss of 49.53 points. — PTI

Global stocks recover

NEW YORK, JULY 16. U.S. and European stocks recovered from steep losses on Tuesday as investors warily dipped a toe back into the technology sector, but even soothing words on the economy from the top U.S. central banker were not enough to completely clear the gloom hanging over global equity markets.

The Federal Reserve Chairman, Alan Greenspan, lauded the U.S. economy's resilience, but said the wounds from corporate scandals and the stock market rout will take time to heal, hinting that interest rates will stay at 40-year lows for now. — Reuters

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