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This is an archive article published on September 4, 2010

Sensex sheds 17 points on rate hike fears

The BSE benchmark Sensex on Friday took a breather and closed 17 points lower as rising food inflation evoked worries of a further rate hike by the RBI this month.

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The BSE benchmark Sensex on Friday took a breather and closed 17 points lower as rising food inflation evoked worries of a further rate hike by the RBI this month. Cutting short two days of consecutive gains,the Bombay Stock Exchanges 30-share barometer ended the session at 18,221.43,down by 16.88 points,or 0.09 per cent.

Firm cues from Asian and European markets also failed to boost the Sensex,owing to uneasiness over high valuations. The main index fluctuated between a high of 18,316.32 and a low of 18,206.50. On a weekly basis,the Sensex recorded a gain of 1.23 per cent.

In a choppy session,the wide-based 50-share Nifty Index of the National Stock Exchange NSE finished the session at 5,479.40,down 0.12 per cent. The Nifty struggled to sustain above the 5,500 levels as food and fuel inflation inched higher, said IIFL Vice-President Research Amar Ambani.

Reliance Industries Ltd RIL,which holds the maximum weight in the Sensex,dropped 1.23 per cent to close at Rs 925.60. Heavy profit-booking was witnessed on the metals counters with Jindal Steel losing 2.10 per cent,the most among the Sensex scrips. Sterlite Industries declined 1.2 per cent and Hindalco 1.47 per cent.

 

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