Sensex falls 108 points; refinery stocks lose most

Tue, May 13 06:08 PM

Mumbai, May 13 (PTI) The stock market benchmark Sensex today surrendered its initial gain and moved downward by 108 points after a brief overnight recovery, led by the fall in refinery stocks. Market participants said concerns over industrial slowdown and rising inflation due to high global crude oil prices led to the fall.

Global rating agency Moody's has said: "With the US recording two successive quarters of weak growth, we anticipate Asia will soon begin to feel the pinch of slower demand across the Pacific." The Bombay Stock Exchange Sensex initially touched a high of 17,085.63 on the back of smart rally in Asian markets.

But concern over the slowdown in the Indian economy led to the 30-share index falling to 16,752.86, a fall of 108.04 points or 0.64 per cent over yesterday's close of 16,860.90. The 50-share Nifty of the National Stock Exchange (NSE) also dropped by 54.85 points or 1.09 per cent to 4,957.80 from last close of 5,012.65.

Besides China, most of the other Asian markets ended in positive terrain while European markets resumed lower, mainly affecting the local bourses at close today. Oil and gas index suffered the most by losing 286.32 points at 10,907.35 followed by information technology index by 32.70 points at 4,265.14.

Capital goods index lost 60.85 points at 13,060.97. Foreign Institutional Investors, the main driving force, remained net sellers for the last couple of days.

Meanwhile, global crude prices retreated from all-time peak of above USD 126 a barrel and was quoted at USD 123.50 a barrel in New York yesterday. PTI.

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