The Bombay Stock Exchange Sensex on Tuesday fell 205 points as fear of higher inflation gripped the stock market after crude oil stayed above 127 dollars a barrel globally.
MUMBAI: The Bombay Stock Exchange Sensex on Tuesday fell 205 points as fear of higher inflation gripped the stock market after crude oil stayed above 127 dollars a barrel globally.
Weakness in Asian and European markets also contributed to the fall.
The 30-share index moved in a range of 17,367.13 and 17,136.26 before concluding the day at 17,230.18, a fall of 204.76 points or 1.17 per cent over the previous close of 17,434.94.
The 50-issue Nifty of the National Stock Exchange dropped by 52.75 points to 5,104.95.
Crude oil closed at USD 127.05 a barrel on Monday at the New York Mercantile Exchange.
In Asian markets, Shanghai Composite index dipped by 4.48 per cent, Hang Seng by 2.23 per cent, Taiwan Weighed Index by 2.43 per cent, Nikkei by 0.77 per cent, Kospi by 0.65 per cent and Singapore Strait Times by 0.24 per cent. European markets were also trading weak by nearly one per cent this morning.
Banking stocks suffered the most. Bankex, lost 177.43 points to 8,763.85, followed by realty index with a loss of 150.15 points to reach 7,894.10.
PSU index fell by 142.12 points at 7,651.74, capital goods index by 133.27 points at 13,563.48, oil and gas index by 119.97 points at 11,169.61 and power index by 27.70 points at 3,304.79.
Investors feared that inflation going up any further would lead to strict measures for the Reserve Bank, which could result in reduced margin for banks, market analysts said.
Sensex was spurted by 682 points or 4.07 per cent in last three successive sessions and according to analysts this is a technical correction of last week's rally.
From the Sensex pack, Jaiprakash Associates dropped by 5.22 per cent, REL Infra by 4.53 per cent, BHEL by 3.28 per cent, SBI by 2.85 per cent, Wipro by 2.01 per cent, HDFC Bank by 2.51 per cent, NTPC by 2.04 per cent, TCS by 2.40 per cent, Bharti Airtel by 2.65 per cent asnd Cipla by 2.02 per cent.
However, Satyam Computer Tata Motors rose.
The BSE-100 index dipped by 88.89 points to 9,138.39 from previous close of 9,227.28. The BSE-200 index and the Dollex-200 were quoted lower at 2,144.88 and 836.59 at close from last close of 2,163.6 and 842.51 respectively.
The BSE-500 index also moved down by 49.48 points to 6,847.19 and the Dollex-30 fell to 3,314.03 from 3,347.93 previously.
Despite the fall in Sensex, the market breadth was positive as 1,431 counters ended with gains while 1,292 finished with losses.
Trading volume was down at Rs 5,940.08 crore from last Friday turnover of Rs 6,136.91 crore. Cairn India topped the list of highest traded securities with a turnover of Rs 290.83 crore followed by Mundra Port (Rs 263.60 crore), HDIL (Rs 256.23 crore), Aishwarya Tele (Rs 171.34 crore) and Suzlon Energy (Rs 168.39 crore).
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