The Hindu : Business : Sensex sheds 194 points

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Wednesday, Oct 31, 2007
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Sensex sheds 194 points

MUMBAI: The Bombay Stock Exchange on Tuesday went on a roller-coaster ride with the barometer Sensex first scaling a new peak of 20238 and later settling in sub-20k area on alternate bouts of buying and selling across sectors.

A number of bank stocks, including ICICI Bank, HDFC Bank and PNB, fell following the Reserve Bank’s decision to hike the amount of depositors’ money that banks must keep in reserve. Besides, selling pressure emerged across other sectors later in the day, after a morning surge pushed the Sensex past the 20000-level for the second consecutive day. However, the index failed to close above this milestone.

Real estate stocks, including DLF and Unitech, defied the overall selling pressure and saw their market value grow. Snapping its six-day winning streak, the 30-share Sensex settled at 19783.51, down 194.16 points from the previous close.

The NSE’s Nifty also hit a new record high of 5971.70 before closing down by 37.15 points at 5868.75.

Rupee moves up

The rupee gained further and ended at 39.37/38 against the dollar on Tuesday against the close of 39.42/43 a dollar on Monday, largely buoyed by the Reseve Bank of India’s mid-term review of Annual Policy amid fresh dollar demand and negative equity market.

The rupee moved in a range of 39.3250 and 39.4950 during the day after resuming virtually steady at 39.41/43 a dollar. Any rate cut by the U.S. Federal Reserve at its meeting on October 31 is expected to push up the rupee further. — PTI

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