Friday, April 4, 2008

Inflation rises to 7%!

Inflation rose to 7 per cent for the week ended March 22 against 6.68 per cent a week before due to rise in prices of food, vegetables, minerals and manufactured items. This had terrible bearing on the market as it tanked down 483.92 points or 3.06%. The sensex finally closed at 15348.63. It touched a low of 15,303.04 and high of 15,896.09. National Stock Exchange’s Nifty ended at 4,655, down 2.44 per cent or 116.60 points. It touched a low of 4632.70 and high of 4791.70.

An already weak market got a blow on Friday with inflation for the week ended March 22 hit a three-year high. Benchmarks also took cues from the Asian markets which ended their short run-up on account of rise in commodity prices.

BSE Midcap Index ended 1.8 per cent lower at 6,272.36 and BSE Smallcap Index closed at 7,722.48, down 1.5 points. HDFC (down 6.57%), BHEL (6.55%), Mahindra & Mahindra (5.86%), Larsen & Toubro (5.58%) and Jaiprakash Associates (5.03%) were the biggest index losers. Ranbaxy Laboratories, up 2.73 per cent, was the only Sensex gainer. Market breadth remained negative with 1,817 declines and 815 advances on the BSE.

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