Sensex down 98 points on weak global cues

Aug 24, 2010 |

mumbai

The Bombay Stock Exchange benchmark Sensex on Tuesday dropped by 98 points as investors sold stocks tracking weak global trends. The 30-share index fell by 97.76 points to close at 18,311.59 points. It touched a low of 18,260.71 points during the day.

The 50-share National Stock Exchange index Nifty lost 38.40 points to 5,505.10 points, after touching a low of 5,488.45 during the session. Brokers said selling pressure gathered momentum on weak trend in Asian region and lower opening in Europe as investors worried over faltering global economic recovery.

The Japanese index Nikkei fell below a key support level and the Euro hit a six-week low against the dollar after a report showed growth in Europe’s services and manufacturing industries weakened in August.

Brokers also attributed the fall to a technical correction amid reports the metal giant Vedanta failed to get environment clearance for its mining project in Orrisa. The heaviest on the Sensex, Reliance Industries, dropped by Rs 4.25 to Rs 972.15 and second heaviest Infosys Technologies by Rs 26.85 to Rs 2,765.50.

Marketmen said investors adopted a cautious approach ahead of the expiry of August series in the Derivative segment on Thursday and indulged in reducing their outstanding positions.

They said the indications of lower opening in the US markets ahead of a key-housing data due later on Tuesday also cast shadow on the trading sentiment to some extent.

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