Stocks slump on fuel price hike worries (Roundup)June 2nd, 2008 - 6:43 pm ICT by IANS
Mumbai, June 2 (IANS) Worried about an imminent fuel price hike, the Indian equities markets ended the day with a huge cut. A late selloff by investors saw the benchmark index of the Bombay Stock Exchange (BSE), the Sensex, losing over 350 points, a few hours after Prime Minister Manmohan Singh told an Indian industry group that there was no option but to hike fuel prices.
Equities started the day on a firm note tracking strong markets elsewhere in Asia and were in the positive zone till early afternoon. But it started sliding shortly after the prime minister’s speech to the Associated Chambers of Commerce and Industry and continued to slide till the ending of the trading session.
The Sensex opened at 16,591.46 points and touched a high of 16,632.72 before closing at 16,063.18. It went down by 352.39 points or 2.15 percent compared to the closing figure Friday.
The S&P Nifty index of the National Stock Exchange, which opened at 4,869.25 points, closed at 4,739.60. It went down by 130.50 points or 2.68 percent from its previous close.
The BSE Midcap index, which closed at 6,584.19 points, went up by 176.35 points or 2.61 percent.
The BSE Smallcap index, which closed at 7,959.51 points, went down by 173.53 points or 2.13 percent.
The market breadth was negative. On BSE, 600 shares advanced, 2,066 declined and 50 maintained status quo.
Top gainers of the day included Maruti Suzuki at Rs.786.30, up 2.85 percent; ITC at Rs.219.85, up 1.01 percent; and Mahindra and Mahindra at Rs.593.55, up 0.18 percent.
The top losers of the day included NTPC at Rs.161.25, down 6.39 percent; ACC Cements at Rs.626.10, down 5.23 percent; and Hindalco at Rs.182.25, down 5.05 percent.
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