The market today extended last week's steep losses on weak cues from Asian markets. Banking, and capital goods stocks suffered the most in today's slide. Information technology stocks were star performers of the session.
Asian stocks fell on Monday, 26 May 2008, as investors feared rising inflation and sluggish US economic growth would seriously dent consumer demand in the region's biggest export market. Key indices in China, Japan, Hong Kong, Taiwan, Singapore and South Korea were down by 0.60% to 3.13%.
But European markets, which opened after the Indian markets, were positive. Key indices in France and Germany were up by 0.08% to 0.25%. UK market is closed today on account of Spring Bank holiday.
The 30-share BSE Sensex was down 301.14 points or 1.81% at 16,348.50. The index lost 348.76 points at day's low of 16,300.88, hit at the fag end of the session
The broader based S&P CNX Nifty was down 71.5 points or 1.45% at 4875.05. Nifty futures were at 4878.35, a premium of 3.3 points against the spot closing.
The NSE's futures & options (F&O) segment turnover was at Rs 44103.52 crore, higher than Rs 41317.97 crore on Friday, 23 May 2008. BSE clocked a turnover of Rs 4134 crore in the cash segment as against Rs 5,389.63 on Friday, 23 May 2008.
The market breadth was poor on BSE with 667 shares advancing as compared to 2043 stocks that declined. 48 stocks remained unchanged.
India's biggest listed cellular services provider by market share Bharti Airtel advanced 3.15% at Rs 863.15 after the company decided to disengage from the ongoing talks with the South African telecom major, MTN, to explore the possibility of a merger between the two emerging markets telecom giants
Other major Sensex losers were, Jaiprakash Associates (down 5.58% at Rs 224.40), Ambuja Cements (down 5.38% and Maruti Suzuki (down 3.83% at Rs 759.85).
The key benchmark indices suffered losses in the week ended Friday, 3 May 2008 with the BSE Sensex plunging 785.30 points or 4.50% to 16,649.64 and the S&P CNX Nifty sliding 211.15 points or 4.09% to 4,946.55 .
Inflation based on the whole price index rose 7.82% in the year through 10 May 2008, marginally lower than 7.83% rise in the previous week, government data released on Friday, 23 May 2008, showed. Meanwhile, inflation for the year through 15 March 2008 was revised upwards to 8.02% compared to provisional figure of 6.68%.
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