Fri, Jul 11 06:47 PM
Mumbai, Jul 11 (PTI) Bombay Stock Exchange's bellwether Sensex plunged by over 450 points today as the markets were sent on a tailspin by the double-whammy of unabated rise in inflation and abysmal industrial growth in May. Marketmen said the impact of weak economic indicators was so strong that even a better-than-expected first quarter earnings by IT major Infosys Technologies failed to enthuse investor sentiment.
A fresh spurt in global crude prices also dampened the spirits on the bourses, they added. After staying pretty close to the crucial 14,000 level in the past two days, the 30-share Sensex on the Bombay Stock Exchange lost 456.39 points, or 3.28 per cent, at 13,469.85 points amid mixed global cues.
Similarly, the 50-share Nifty of the National Stock Exchange also tumbled by 113.20 points, or 2.72 per cent, to close at 4,049.00 points. Marketmen said stocks, which had promising start, gradually moved downwards after the release of data on Index of Industrial Production (IIP), which fell to 3.8 per cent in May, a steep fall compared to 10.6 per cent in the same period a year-ago.
Investors got not respite from rising inflation which inched closed to 12 per cent 11.89 per cent for the week ended June 28, they said. Apprehensions of further tightening of money supply by the Reserve Bank was also strengthened after the rate of price rise rose again from its 13-year high of 11.63 per cent.
Global oil prices also spurted above USD 143 a barrel, as if to add salt to the wound. PTI.
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