Sensex tanks 348 points, Nifty 107
15 Jun 2014 4:43 AM IST
Stocks were hit a by a sell-off with Sensex and Nifty recording their biggest single-session drop in over four months on Friday as civil unrest in major crude producer Iraq pushed up oil prices.
The 30-share S&P BSE benchmark Sensex tanked 348.04 points, or 1.36 per cent, to end at 25,228.17 and NSE 50-share Nifty dropped 107.80 points, or 1.41 per cent, to 7,542.10.
Surging crude oil prices in the global markets on concerns that unrest in Iraq could lead to disruptions in the country's oil supplies and a depreciating rupee were behind the fall in the share values, equity dealers said.
Slowing capital inflows also affected the market to some extent as foreign institutional investors (FIIs) sold shares worth Rs 652.35 crore on Thursday, as per provisional data. The Sensex resumed higher at 25,677.05 and shot up further to 25,688.31 on initial buying on the back of favourable retail inflation and IIP data that was released after had markets closed on Thursday.
However, it failed to maintain initial gains on fresh selling pressure mainly in realty, power, consumer durable, metal, banking and capital goods sectors to touch a low of 25,171.61. It ended the day at 25,228.17, showing a loss of 348.04 points or 1.36 per cent.Interestingly, ‘Friday the 13th’ fear spooked Indian markets for the fifth time in a row. Sensex had fallen between 19-238 points in the previous four occasions.
The 30-share S&P BSE benchmark Sensex tanked 348.04 points, or 1.36 per cent, to end at 25,228.17 and NSE 50-share Nifty dropped 107.80 points, or 1.41 per cent, to 7,542.10.
Surging crude oil prices in the global markets on concerns that unrest in Iraq could lead to disruptions in the country's oil supplies and a depreciating rupee were behind the fall in the share values, equity dealers said.
Slowing capital inflows also affected the market to some extent as foreign institutional investors (FIIs) sold shares worth Rs 652.35 crore on Thursday, as per provisional data. The Sensex resumed higher at 25,677.05 and shot up further to 25,688.31 on initial buying on the back of favourable retail inflation and IIP data that was released after had markets closed on Thursday.
However, it failed to maintain initial gains on fresh selling pressure mainly in realty, power, consumer durable, metal, banking and capital goods sectors to touch a low of 25,171.61. It ended the day at 25,228.17, showing a loss of 348.04 points or 1.36 per cent.Interestingly, ‘Friday the 13th’ fear spooked Indian markets for the fifth time in a row. Sensex had fallen between 19-238 points in the previous four occasions.
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