Date:04/10/2008 URL: http://www.thehindu.com/2008/10/04/stories/2008100460702000.htm

Business

Sensex sheds 529 points

MUMBAI: In sync with weakening global stock markets, the Bombay Stock Exchange benchmark Sensex on Friday tumbled nearly 529 points, or 4.05 per cent, on selling by funds due to growing concerns that the $700 billion rescue package by the U.S. would not be enough to halt global slowdown.

The BSE barometer opened weak, fell further to record a loss of 529.35 points at 12526.32 as funds turned aggressive sellers in heavyweight stocks, including market leader Reliance Industries and IT bellwether Infosys Technologies.

The National Stock Exchange index Nifty closed lower by 132.45 points, or 3.35 per cent, at 3818.30 after falling to a low of 3804.85. Marketmen said weak global trends dampened sentiment on the domestic bourses.

Rupee crosses 47-mark

The rupee on Friday closed above the 47-mark against the dollar for the first time since June 2003 as sharp losses in the share market fuelled concerns of further capital outflows while strong dollar demand from oil firms weighed. The partially convertible rupee closed at 47.10 against 46.62/63 on Wednesday. It touched an intra-day low of 47.30. The market remained closed on Thursday for Gandhi Jayanthi. — PTI