Sensex ends at 3 week low at 16,737 points

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Mumbai, May 9: The key benchmark Sensitive index of the Bombay Stock Exchange (BSE) today closed at a nearly three week low at 16,737.07 with a big loss of 343.58 points on heavy panic selling pressure by mutual funds on concerns about the rising inflation levels.

Similarly, the Nifty index of NSE was quoted below 5000 mark, touching a low of 4982.60 points at the closing from it previous level of 5091.70 points, showing a net loss of 99.10 points. The major heavyweight stocks tumbled on reports of country's inflation hiking to 7.61 per cent in the week ended April 26. Moreover, crude oil hit yet another record high near USD 125 a barrel.

All the sectoral indices on BSE, barring FMCG index, were in red. Oil&gas, realty and banking stocks declined sharply.

European markets were trading sharply lower. Key indices in UK, France and Germay were down by 1.52 per cent to 2.48 per cent. Asian markets, which opened before Indian markets, were trading lower. Key indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan were down by 0.84 per cent to 2.06 per cent.

Finally, the 30-share BSE Sensex was down 343.58 points or 2.01 per cent at 16,737.07, its lowest level of the day. Sensex resumed low at 17,020.79 points, later it recorded the day's high at 17,125.95 and low at 16,678.94 points. The broader based S &P CNX Nifty index of NSE was down 99.10 points or 1.95 pc at 4982.60. It opened low at 5070.85, later registered the day's high at 5087.65 and a low at 3969.40 points. Midcap and small cap stocks were in red and the market breadth was negative.

BSE Oil and Gas Index underperformed other indices, down 3.51 pc or 408 points. Bankex was down 2.33 per cent or 203 points. Realty, Capital Goods, Power and Metal indices fell over 1 per cent.

Key stocks continue to trade at day's low and show no sign of recovery. Banking, IT, pharma, power stocks are also witnessing selling pressure. However, marginal buying interest has been seen in consumer durable and FMCG indices.

Pharma and capital goods indices were also marginally down.

UNI

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