Stock Market Updates for Today (4th August '11)
As a severe bout of selling pressure engulfed the market in late afternoon trade amid worries about a likely fall in earnings due to high interest rates, stocks from across various sectors tumbled and dragged the benchmark indices Sensex and Nifty down to a highly negative close on Thursday.
The start was a bit shaky this morning, but stocks soon rallied higher with bargain hunting after recent heavy losses aiding their surge. However, after a brief spell in positive territory, the market turned easy and then kept sliding lower and lower as the session progressed.
According to the data released by the government today, food price index rose 8.04% and the fuel price index climbed 12.12% in the year to 23 July 2011. In the previous week, annual food and fuel inflation stood at 7.33% and 12.12%, respectively. The primary articles price index was up 10.99%, compared with an annual rise of 10.49% a week earlier.
The Sensex, which plunged to 17,664.73, hitting a six-week low in the process, ended the day at 17,693.18, recording a loss of 247.37 points or 1.38%. The Nifty closed at 5331.80, slightly off the day's low of 5323.15, netting a loss of 73 points or 1.35%.
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