The Hindu : Business : Sensex tracks weak global trends

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Friday, Sep 12, 2008
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Sensex tracks weak global trends

MUMBAI: Tracking weak global trends, the Bombay Stock Exchange’s sensitive index fell sharply by over 338 points on relentless selling by funds, particularly in oil and gas and power counters on Thursday.

The sensex dropped 338.32 points at 14324.29 on reports of global markets falling to more than two-year low on concerns of increasing credit market losses and declining global economic growth. The weakening of the rupee to two-year low against the U.S. currency also raised concerns of more capital outflows as some foreign funds indulged in reducing their portfolios.

The National Stock Exchange index, Nifty, also lost 109.95 points at 4290.30.

Rupee sheds 46 paise

The rupee continued its slide to third straight day and virtually hit a two-year low of 45.57/58 against the dollar on Thursday on sustained dollar demand from oil refiners and stronger U.S. currency overseas. The rupee tumbled by 46 paise and closed at 45.58 against 45.11 on Wednesday. In active trading at the interbank foreign exchange market, the rupee fluctuated in a range of 45.32-45.58 during the day. — PTI

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