Tags:
Journalism of Courage
Despite hectic short-coverings on the last day of the week ahead of the expiry of May contract coupled with strong results from Larsen and Toubro,the benchmark Sensex fell by 205 points to finish at 18,326.09.
Sustained selling by foreign funds and fears of high interest rates which may affect corporate profitability mainly affected the market sentiments.
Steep hike in petrol prices and fears of rise in diesel prices next week are expected to stoke up the inflation further which weighed on the market sentiment,resulting the benchmark Sensex to fell to an 8-week low at 18,020.79.
Higher headline inflation,although it softened slightly in the month of April,and sluggish global trends too kept the market under pressure.
Gloomy earnings by the banking major State Bank of India SBI also led to the fall in the value of share prices.
