Double digit inflation hits equity markets hard (Second Lead)June 20th, 2008 - 2:14 pm ICT by IANS
Mumbai, June 20 (IANS) The higher than expected inflation figure of 11.05 percent hit Indian equity markets hard, almost as soon as it was announced Friday. All markets slumped as inflation hit a 13-year high. At 12 noon, the 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, was down by 176.40 points or 1.17 percent at 14,911.59. It had touched a low of 14,884.66 minutes before that.
The market breadth was negative. On BSE, 627 shares advanced, 1,688 declined and 77 remained unchanged.
At the same time the broader based S&P CNX Nifty index of the National Stock Exchange was down by 85.30 points or 1.89 percent at 4,418.95.