Stock Markets Sign Off In Volatile Mood, Metal, IT Linger

BSE SensexIndian stocks turned down for the third day, with the key index witness its most awful weekly loss in the last five months. The declination was backed by worries over the worldwide credit situation. Estimations that the riskiest time is yet to come, pressed capitalists to offload vulnerable assets.

After opening at 14,309.37, the 30-share index continued to trade in a weak zone. Profit booking was seen across board. In the day’s second part, the stock market fought back hard to partly improve from its losses in the intraday trades chaired by European markets. But, it finally closed the day on a pessimistic note.

The BSE Sensex finally closed the day with a loss of 216.69 points at 14,141.52 after touching an intraday low of 13,779.88, whereas the broad-based NSE Nifty closed at 4,108.05, down 70.55 points.

On the other hand, Asian stocks dropped further on Friday paced by Japanese exporters after Yen gathered its biggest gains in last nine years. European stocks got well on Friday chaired by financial shares.

For the week ended Aug. 4, 2007, India’s wholesale price inflation rate stood at 4.05%, which is lower than 4.45% in the last week.

The overall market breath was negative, which experienced 852 progressions as against 1,835 declinations. Amongst the sectoral indices, BSE Auto lost 2.17%, BSE IT rejected 2.95%, BSE Metal slumped 4.74%, BSE Bankex went down 0.94% whereas BSE Realty gained 0.57%.

BSE Metal index posted a biggest loss among the sectoral indices in the market mayhem.