Sensex drops on inflation worries

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MUMBAI: Fears of an imminent slowdown in economic growth following high inflation rate brought the market down with the Bombay Stock Exchange sensitive index dropping more than 480 points, even as the Asian indices ended mixed and European bourses traded better.

The 30-share index ended at 15343.12, a loss of 489.43 points, or 3.09 per cent, from Thursday’s close of 15832.55.

Rupee gains 7 paise

The Indian currency on Friday gained 7 paise at Rs. 39.95/96 against the U.S. dollar to close the day below the psychological sub-40 level. Forex dealers said banks sold dollars in the last thirty minutes of trade, helping the rupee gain and end the day at sub-40 level.

At the interbank forex, the domestic unit resumed slightly higher at 40.00/02 a dollar from its last close of 40.02/03. The rupee moved in a range of 39.92 and 40.05 during the day. — PTI

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