BUSINESS

Sensex suffers setback, drops 70 points



MUMBAI: Hopes of encouraging earnings season failed to sustain Monday's rally and the Bombay Stock Exchange benchmark Sensex suffered a setback on Tuesday, closing 70 points down at 10614.35 in a low trading volume in the absence of any worthwhile buying interest.

The 30-share sensitive index (Sensex) moved between 10704.01 and 10566.71 before closing at 10614.35 against 10684.30, a net fall of 69.95 points.

On the National Stock Exchange, the S&P CNX Nifty dipped by 25.85 points to 3116.15.

Low trading volume indicated a substantial fall in the operators and retail investors' participation. The markets were largely influenced by the weak trend in global markets. Asian as well as European markets exhibited sluggish trend during the day.

Investors were not willing to create fresh positions despite reports that the forthcoming quarterly results might be the best in the current financial year.

Automobile stocks, which witnessed fairly heavy activity in the previous session on expectations of excellent first quarter working results, bore the brunt of selling and registered sharp losses. PTI

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