Sensex tumbles 5.14 per cent on fuel price hike - Hindustan Times
close_game
close_game

Sensex tumbles 5.14 per cent on fuel price hike

PTI | By, Mumbai
Jun 08, 2008 02:38 AM IST

The Sensex ended the week at a nine-week low of 15,572 points, a huge fall of 843 points from its previous weekend's close of 16,415 points.

The Bombay Stock Exchange index, Sensex, plunged by about 843 points, or 5.14 per cent, over the week on across the board sell-off triggered by a spate of negative factors, mainly a higher-than-expected fuel price hike.

HT Image
HT Image

The 30-share index ended the week at a nine-week low of 15,572.18 points, a huge fall of 843.39 points from its previous weekend's close of 16,415.57 points.

Hindustan Times - your fastest source for breaking news! Read now.

Similarly, the wide based S&P CNX Nifty of the National Stock Exchange plunged 243.30 points, or 4.98 per cent, to close at 4,627.80 points from its last weekend's close of 4,870.10 points.

A sharp hike of about 10 per cent in fuel price has raised possibility of a further surge in inflation to a double digit in the near future, analysts said.

Inflation jumped to 8.24 per cent for the week ended May 24 amid hints from the central bank about tightening of monetary measures.
During the week, the SEBI ruled out relaxation of restrictions imposed on participatory notes (PNs) last October. The decision has resulted in sustained FII pull out since January this year.

Foreign Institutional Investors (FIIs) sold shares worth Rs 18,660 crore so far in the current calendar year.

Global factors too were negative. World crude oil prices remained above 128 dollars a barrel in the week while stock markets continued to be under pressure from lingering US mortgage problems.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Thursday, March 28, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On