The Hindu : Business : Weak European cues push down Sensex

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Wednesday, May 07, 2008
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Weak European cues push down Sensex

MUMBAI: The Bombay Stock Exchange closed in the red for the second day on Tuesday with the benchmark Sensex losing another 118 points on weak trends in European bourses amidst oil prices soaring to record levels, augmenting inflation fears.

The 30-share Sensex closed at 17373.01, a loss of 117.89 points from its last close.

The index dipped to an intra-day of low of 17237.68 before it recouped partly in the last 30 minutes.

The broader 50-share S&P CNX Nifty of the National Stock Exchange also fell by 47.60 points to close at 5144.65.

The European markets were trading in the red in their opening following reports that Swiss Bank UBS would make sizable job cuts and had had a preliminary deal with an U.S.-based asset manager to sell a $15 billion portfolio of sub-prime mortgages.

Asian indices, however, recovered their initial losses and closed in the black. Japanese markets remained closed.

Marketmen said investors looked uncomfortable with the inflation at 42-month high at 7.57 per cent and world oil prices hitting a new record at $120.30 a barrel in Asian trade. The market is dragged by negative global factors with the earnings season at home already completed, they added. — PTI

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