Mumbai, July 1 : Share market continued to falter as country's main share index fell below 13,000 points for the first time since April 2007 on Tuesday.
Observing the recent trend of the stock market, Ashwin Dalal, market expert, said, "well the market today is on the downward trend as you must have noticed. You know, almost 500 points have been knocked off. Yesterday, it was about 300 points. Oil prices are going up everyday, which is of the concern in the market."
According to Dalal, the main causes for the descending prices of the shares are the soaring inflation, and increasing prices of crude oil. Coupled with this, the uncertain political ambience in the country has created fear in the investors.
"Three things have come together, rising inflation, the political scenario and crude oil. All the three have come together at the same time that gave the momentum to the market to go down," added Dalal.
The 30-share Bombay Stock Exchange (BSE) index ended down 3.71 per cent at 12,961.68 points and the 50-share National Stock Exchange (NSE) index ended down 3.56 per cent at 3,896.75 points, as investors dumped stocks on growing worries about high oil prices, inflation and political uncertainty.
This was its eighth fall in ten trading sessions.