The Hindu : Business : Markets fall for fourth day

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Wednesday, Mar 05, 2008
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Markets fall for fourth day

MUMBAI: After the meltdown on Monday, the benchmark Sensex dropped another 338 points on Tuesday, stretching the downward trend for the fourth day in a row, with banking stocks sliding on reports of ICICI Bank reporting a mark-to-market loss of $264.34 million.

“Following the sub-prime crisis overseas, ICICI Bank’s overseas operations had reported mark-to-market (MTM) losses of $264.34 million on account of its exposure to credit derivatives and investments as on January 31, 2008,” Minister of State for Finance P. K. Bansal told Rajya Sahba in a written reply.

The 30-share Sensex on the Bombay Stock Exchange, which had plunged by over 900 points in previous day’s trading, dipped further by 337.99 points at 16339.89.

The key index touched a low of 16164.57 and a high of 16754.06 points. The Sensex, which has been on downward march ever since the budgetary proposals for waiving farm loans were announced, has tumbled by nearly 1486 points in the past four trading sessions. The National Stock Exchange index Nifty also dropped by 88.75 points at 4864.25, after dipping to a low of 4812.95 and day’s high of 4976.70 points.

Rupee ends higher

The rupee finished higher at Rs. 40.32 against the dollar on Tuesday helped by dollar sales by exporters.

The Indian currency opened strong at 40.28/30 a dollar at the interbank foreign exchange market against its five month low of 40.37/38 on Monday. — PTI

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