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Sensex slides further by 253 points

Markets remain volatile on weak monsoon

MUMBAI: The fall in the Bombay Stock Exchange benchmark Sensex continued on Friday for the third day in a row with the index losing over 253 points, recording its biggest weekly fall of the year, as the market remained volatile on concerns over the weak monsoon.

The Sensex, which dropped nearly 1283.39 points this week, fell further by 253.24 points to 13504.22, after touching the day’s low of 13418.39 and a high of 13897.19.

The 50-share National Stock Exchange index Nifty dropped by 77.05 points to 4003.90. It moved between 4129.95 and 3976.80 during the session.

Huge gains in Infosys Technologies stock failed to support the market. Marketmen said part of the fall was due to some hedge funds taking short positions. The market remained concerned at the rains coming late and there were doubts about global economic recovery, but a rise in Infosys Technologies by 2.97 per cent at Rs. 1,726.50 after it posted better-than-expected quarterly earnings cushioned the downfall.

The fall was led companies run by the Ambani brothers Mukesh and Anil — Reliance Industries, Reliance Infrastructure, RNRL, RCom, Reliance Petro, Reliance Capital, Reliance Industrial Infra and Reliance Power.

Rupee crosses 49-mark

The rupee again turned weak after an early surge and fell by 30 paise to end at a seven-week low of 49.00/02 against the dollar on Friday as the U.S. currency recovered overseas and domestic stocks tumbled amid heavy foreign institutional investor (FII) pullout. After a steady start at 48.68/70 from its last close of 48.70/72, the domestic currency moved in a range of 48.52 and 49.02 during the day. — PTI

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