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Earnings, inflation worries hit market

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MUMBAI: The Government's concerns over soaring inflation and worries about lower corporate earnings had an adverse impact on the stock market, which nosedived by another 204 points on Wednesday to end at two-week low of 13362.16 points.

Extremely weak global advices as well as negative FII activity also dampened market sentiment.

Investors were engaged in heavy profit booking on fears that major corporates including Infosys, which is scheduled to announce third quarter results on January 11, might come out with lower-than-expected earnings.

The Government's warning to a section of industry against looking for short-term gains after inflation neared the apex bank's 5-5.5 per cent target during December also discouraged investors, brokers said.

The BSE 30-share sensitive index (Sensex) opened steady at 13569.57 points but later turned weak and tumbled to the day's low of 13336.52 before ending at 13362.16, a net loss of 204.17 points or 1.5 per cent from Tuesday's close of 13566.33. PTI


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