The Hindu : Business : Sensex sheds 253 points

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Tuesday, Dec 02, 2008
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Sensex sheds 253 points

MUMBAI: The 30-share Bombay Stock Exchange sensitive index (Sensex) closed down 2.78 per cent on Monday, led by fears about U.S. market performance amid widening world recession, dealers said. The Sensex fell 252.85 points to 8839.87.

“European markets opened in the red and the U.S. index futures fell, which led to investors taking profit, triggering a sell-off,” said Alex Mathew, head of research at brokerage Geojit Securities.

Trading volumes remained thin as the city limped back to normality after devastating attacks across last week.

Losers led gainers 1,160 to 970 on volume of Rs. 2,914 crore.

Amid volatility on the bourses, hotel stocks settled in the green after opening on a weak note as the sector attracted some positive buyers.

Analysts feel hotel stocks, which had slumped last Friday post-terror attacks, mostly closed in the positive territory as some positive buyers came in to buy at lower levels. Shares of EIH, the flagship company of the Oberoi Group, recovered to close 2.05 per cent up at Rs. 99.75. The scrip had touched the day’s high of Rs. 101.80 on the BSE.

“The knee-jerk reaction witnessed by the hotel stocks on Friday last, has brought them to their fair value,” Taurus Mutual Fund Managing Director RK Gupta said.

Meanwhile, shares of Indian Hotels settled marginally down by 0.62 per cent at Rs. 39.95. During the day, the scrip had traded at a gain of 3.23 per cent at Rs. 41.50.

Shares of Hotel Leela Venture surged 3.72 per cent to Rs. 18.10, while Oriental Hotel was marginally down 0.62 per cent at Rs. 167.95.

Rupee at new low

The rupee tumbled by another 19 paise to close at its new record low of 50.28/29 against the U.S. currency as domestic stocks fell sharply amid fresh dollar demand from importers. Resuming weaker at 50.18/20 a dollar, the rupee bounced back to 49.94 immediately in sync with an early rally in the equity markets. It had closed at 50.07/10 on Friday. — PTI

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