Indian equities enter choppy zone in afternoon trade (Second Lead)May 16th, 2008 - 2:49 pm ICT by admin
Mumbai, May 16 (IANS) the record high inflation figure of 7.83 percent announced by the Indian government Friday created turbulence in the stock markets of the country in the afternoon. The market had expected the inflation rate would be between 7.55 and 7.59 percent. But 12.30 p.m., shortly after the new figure was announced, the 30-share sensitive index of the Bombay Stock Exchange (BSE), the Sensex, fell to 17,441.82 from the day’s high of 17,497.36.
The figure was still 88.28 points or 0.51 percent higher than Thursday’s close. The Sensex had touched the day’s low at 17,315.52 points earlier Friday.
The broader based S&P CNX Nifty index of the National Stock Exchange however remained above the 5,000-point mark at 12.30 p.m. It was up by 30.55 points or 0.61 percent at 5,146.20.
The market breadth remained strong with significant trading volumes on BSE. While 1,479 shares advanced, 999 declined and 90 remained unchanged.