Monday, 17 November 2008

Sensex sheds 94 points as global summit disappoints investors

Mumbai, Nov 17 (PTI) Markets closed down today with benchmark Sensex dropping over 90 points after slipping below 9,000 level on alternate bouts of buying and selling, showing that the Summit of G-20 leaders have failed to bolster investor sentiment here.
In see-saw trade, the BSE 30-share index closed at 9,291.01, a loss of 94.41 points or 1.01 per cent.

National Stock Exchange index Nifty also fell by 10.80 points or 0.38 per cent to close at 2,799.55.

The 30-share Sensex had slipped below 8,000 level at 7,697 points on October 27 last.

After a weak opening, the Sensex traded below 9,000 level before mid-session. With selling pressure intensifying, the bellwether index had lost nearly 428 points to touch the intra-day low of 8,956.68 points.

However, it regained 9,000 level on late buying by domestic funds. Erratic movements in European markets during their early trade also influenced local stocks in late afternoon trade, brokers said.

They said Reserve Bank's fresh measures on Saturday to enhance rupee and forex liquidity, besides reducing risk weights for corporate and commercial real estate loans to boost growth failed to have any desired impact on the market.

Marketmen said investors were cautious as the G-20 Summit on world failed to finalise any specific measures to combat global financial crisis.

At the G-20 Summit on Financial Market and World Economy Prime Minister Manmohan Singh warned the financial meltdown has exploded into a systemic crisis, while world leaders called for a strong regulatory mechanism to bring transparency in financial system and stimulate growth to beat recession. PTI

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