Market declines on high inflation rate at afternoon trade (Lead)

July 11th, 2008 - 3:29 pm ICT by IANS  

A file-photo of Sensex

Mumbai, July 11 (IANS) The Indian equities market plunged in the afternoon trade Friday following further rise in inflation. India’s soaring inflation rate zoomed further to 11.89 percent for the week ended June 28, against 11.68 percent the week before.

At 1:20 p.m., the 30-share BSE Sensex was down by 298.74 points or 2.15 percent at 13,627.50. At the day’s low, it touched 13,582.76

At the same time, the broader-based S&P CNX Nifty was down by 88.95 points or 2.14 percent at 4,073.25

The market breadth was negative. On BSE, 1008 shares advanced compared to 1414 that declined and 87 that remained unchanged.

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