Tuesday, February 17, 2009

Market Report 17th Feb 2009

Markets remain bearish, Sensex down 270 points

MUMBAI: Sliding for the second day in a row, the benchmark Sensex on the Bombay Stock Exchange on Tuesday tumbled by over 270 points on sustained selling pressure, particularly in realty and banking sector stocks.

With the sentiment continuing to be down a day after the lacklustre interim budget, the BSE barometer fell below the psychologically important 9,000 level during the day. However, it recouped a part of its losses to settle the day at 9,035.00, a loss of 270.45 points.

The bellwether index had nosedived by 329 points yesterday after the interim budget offered no sops for the industry. In two days of continuing losses, the Sensex has lost a massive nearly 600 points.

Marketmen said funds indulged in selling on concerns the governments plan to borrow record amounts this fiscal year. They said investors feared this may drive up interest rates and funding costs at companies.

The broad-based National Stock Exchange index Nifty dropped by 78 points to 2,770.50, after dipping to 2,757.30 on all round selling.

Among 30-share index, barring ITC, all others recorded small to notable losses. Reliance Industries fell for the second day in a row and closed the day lower by 3.90 per cent. IT major Infosys Technologies was down by 3.59 per cent. ICICI Bank too droppe d by 5.69 per cent. - PTI