Stock Market Updates for Today (28th July '11)
Fears about the impact of U.S. debt on the global economy and lingering concerns about debt worries in the euro zone sent stock prices tumbling down in Asian and European markets on Thursday. And the mood back home was not any different either, with the latest rate hike - sharper than expected at that - from the Reserve Bank of India adding to the woes.
With the mood remaining quite bearish amid concerns about a likely slowdown in growth and drop in earnings due to steep hike in borrowing costs, some good results from India Inc and a decline in food inflation failed to arouse any significant buying interest today.
According to the data released by the government today, India's food price index rose 7.33 percent and the fuel price index climbed 12.12 percent in the year to July 16. In the previous week, annual food and fuel inflation stood at 7.58 percent and 11.89 percent, respectively. The primary articles price index was up 10.49 percent, compared with an annual rise of 11.13 percent a week earlier.
Movements were quite volatile for a better part of the session due to unwinding of positions in the F&O segment ahead of July series expiry.
The Sensex, which plummeted to 18,188.88 in late afternoon trades, ended the session with a loss of 222.73 points or 1.21% at 18,209.52. The Nifty closed at 5487.75, slightly off the day's low of 5475.65, recording a loss of 59.05 points or 1.06%.
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