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Updated: July 2, 2010 10:09 IST

Sensex tumbles over 191 pts on weakening global trend

PTI
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The Bombay Stock Exchange benchmark index, Sensex, on Thursday lost over 190 points on selling pressure across sectors, particularly metal and realty, notwithstanding feel-good factors such as a fall in food prices and rise in exports.

After recording the sixth straight quarterly gain, the longest winning streak in its 25-year history, the 30-share index fell by 191.57 points, or 1.08 per cent, to 17509.33.

Marketmen said investor sentiment turned bearish after reports that China manufacturing slowed down in June.

The Sensex opened weak and remained subdued throughout the day on poor Asian cues, they added.

Brokers said that decline in food inflation and a jump in exports in May helped cushion the fall in stock markets. Food inflation dropped sharply to 12.92 per cent for the week ended June 19 from 16.90 per cent in the previous week.

India's exports rose 35.1 per cent in May to $16.1 billion. Metal stocks suffered the worst on slowdown in China, the biggest consumer. Sterlite Industries retreated by 3.18 per cent to Rs. 164.45, Tata Steel by 2.20 per cent to Rs. 474.90, Jindal Steel by 1.66 per cent to Rs. 613.85 and Hindalco by Rs. 1.04 per cent to Rs. 143.

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