The market succumbed to selling pressure today as weak global equities and soaring crude oil prices worried investors. All the sectoral indices on BSE, barring the BSE Metal index, were in the red. Software and banking shares were worst hit in today`s fall.
European markets, which opened after Indian markets, were trading lower. Key indices in UK, France and Germany were down by 0.36% to 0.52%.
Asian markets, which opened before Indian market, were trading mostly in red today, 8 May 2008. Key indices in Hong Kong, Japan, Singapore, South Korea and Taiwan were down by 0.32% to 1.13%. However, China`s Shanghai Composite was up 2.17%.
US markets suffered sharp losses on Wednesday, 7 May 2008, on worries about inflation and higher interest rates as oil jumped to a record. Financials stocks took a beating on concerns that new disclosure requirements for investment banks will limit their profits. The Dow Jones industrial average slumped 206.48 points, or 1.59%, to 12,814.35. The Nasdaq Composite index fell 44.82 points, or 1.80%, to 2,438.49. The S&P 500 shed 26 points at 1,393.
Oil prices for June 2008 delivery fell 6 cents to $123.47 a barrel in electronic trading on the New York Mercantile Exchange today, 8 May 2008, in Asia after jumping to a record of $123.93 a barrel yesterday, 7 May 2008.
As per provisional closing, the 30-share BSE Sensex was down 272.39 points or 1.57% at 17,066.92. The index lost 301.28 points at day`s low of 17,038.03, hit in the early afternoon trade. Sensex lost 126.7 points at day`s high of 17,212.61 hit in early trade.
The broader based S&P CNX Nifty was down 55.9 points or 1.09% at 5079.60.
The market breadth was weak on BSE with 1109 shares advancing as compared to 1590 stocks that declined. 47 stocks remained unchanged.
The BSE Mid-Cap index was down 0.73% at 7,148.99 and the BSE Small-Cap index was down 0.51% at 8,682.67.
BSE clocked a turnover of Rs 5904 crore as against Rs 6,622.02 crore on Wednesday, 7 May 2008.
Top Sensex losers were, ITC (down 5.46% at Rs 214.55), Satyam Computer (down 4.33% at Rs 468.10), Infosys Technologies (down 3.48% at Rs 1779), Reliance Infrastructure (down 3.36% at Rs 1388), and Larsen & Toubro (down 3.13% at Rs 2893.15).
India`s biggest private sector lender by assets ICICI Bank fell 3.03% to Rs 891.
Top Sensex gainers were, Tata Steel (up 2.925 at Rs 849), Bharti Airtel (up 1.52% at Rs 828.20), Ranbaxy Laboratories (up 1.22% at Rs 472), Ambuja Cements (up 0.72% at Rs 111.95), Mahindra & Mahindra (down 0.66% at Rs 678.30) and Reliance Communication (up 0.14% at Rs 541).
India`s biggest private sector firm by market capitalisation and oil refiner Reliance Industries fell 0.79% to Rs 2661.05.
Tata Communications rose 3.17% to Rs 503 on reports the government is planning to divest its residual 26.12% stake in the company.
India`s third largest listed cellular services provider by sales Idea Cellular rose 2.55% to Rs 106.5. The firm slashed its long-distance call rates and roaming charges.
Mid-day Multimedia, which publishes a tabloid, gained 1.65% to Rs 33.85. The firm reported net profit of Rs 0.23 crore in the Q4 March 2008 as compared to net loss of Rs 2.88 crore in Q4 March 2007. Sales declined 2.19% to Rs 27.24 crore in Q4 March 2008 over Q4 March 2007.
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