The Hindu : Business : Sensex sheds 170 points

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Tuesday, Nov 13, 2007
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Sensex sheds 170 points

MUMBAI: The Bombay Stock Exchange benchmark Sensex on Monday ended 170 points lower in volatile trading amid renewed fears that the global credit crisis could have spill-over effects on the equity markets, even as a slowdown in industrial production dampened investors’ sentiment.

The BSE barometer opened with a wide downside gap at 18640.52 and later touched a low of 18333.21 on sustained hammering by foreign institutional investors (FIIs). The Sensex, however, recovered partially in the later part of the day and closed at 18737.27, a net fall of 170.33 points against Friday’s close of 18907.60. The broader S&P CNX Nifty of the National Stock Exchange dropped by 46.15 points to 5617.10 from the previous close of 5663.25.

Speculation that debt-rating services are poised to downgrade hundreds of mortgage-related investments and warning about a slowdown in the U.S. caused unrest in stocks markets, brokers said. Asian indices also closed sharply lower in a range of 1-4 per cent following extremely weak trend in Wall Street last weekend.

IT, oil and gas, realty and auto sectors were the prominent losers.

Rupee ends lower

The rupee on Monday eased by 3.5 paise to 39.36/37 against the U.S. dollar on account of bearish equity markets as well as the Reserve Bank’s intervention to contain the Indian currency’s rise. On Friday, the rupee closed at 39.3250/3350.

In active trading at the interbank foreign exchange market, the domestic currency fluctuated between 39.29 and 39.43 after resuming weak at 39.35/37 — PTI

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