Stock Market Updates for the Day (25th May '11)
The market opened on a negative note on weak global cues and remained in the red right through the session as selling gained momentum as the day progressed. A modest recovery during the final hour notwithstanding, the benchmark indices Sensex and Nifty closed with notable losses today.
Concerns about debt worries in the euro zone hurt sentiment and dragged down stock prices on Wall Street overnight and the mood on the Asian bourses too was quite bearish today. A weak start in European markets hurt sentiment further. However, a subsequent recovery on the European bourses and slightly higher U.S. index futures triggered some buying at lower levels in a few blue chip stocks during the final hour.
Besides weak global markets, concerns about inflation, fears of another round of rate hike by the central bank and a possible slowdown in growth and fall in earnings forced investors to tread cautiously.
The Sensex, which plunged to 17,786.13, recovered some lost ground, but still ended the day in negative territory at 17,847.32, down 164.73 points or 0.91% from Tuesday's closing mark. The Nifty closed at 5348.95, around 20 points off the day's low, recording a loss of 45.90 points or 0.85%.
Posts
