Rising inflation hit bourses hard (Roundup)July 11th, 2008 - 6:27 pm ICT by IANS
Mumbai, July 11 (IANS )The Indian equities market was bruised badly on the last day of the trading session of the week on the back of rising inflation and crude oil prices. Technology, oil, banking, power stocks were worst hit. India’s soaring inflation rate zoomed further to 11.89 percent for the week ended June 28, against 11.68 percent the week before.
The market started on a weak note and extended its loss by afternoon after the inflation data was released and ended the day with a deep cut.
The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex) opened at 14,032.06 points, touched a low of 13,351.34 before closing at 13,469.85 points. It went down by 456.39 points or 3.28 percent at the day’s close.
The National Stock Exchange (NSE) S & P Nifty, which opened at 13,469.85 points, closed at 4049.00 points. It went down by 113.20 points or 2.72 percent.
The BSE Midcap index, which closed at 5,365.34 points, went down by 109.86 points or 2.01 percent.
BSE Smallcap index which closed at 6,713.66 points went down by 95.58 points or 1.40 percent.
The market breadth was negative. On BSE, 995 shares advanced, 1,655 declined and 61 maintained status quo.
The gainers of the day were Ambuja Cements at Rs.80.50 went up by 1.90 percent, HDFC Bank at Rs.1067.45 gained 1.21 percent and Hindalco at Rs.155.20 went up by 1.01 percent.
The top losers of the day included Jaiprakash Associate at Rs.156.50 down by 8.48 percent, TCS at Rs.799.20 lost 8.03 percent, and Satyam at Rs.444.45 lost 7.20 percent.