Sensex closes 249 points down, led by metals
By SiliconIndia | Tuesday, May 4, 2010
The Sensex, which rose to 17,464.82 points at the outset, fell back to close with a loss of 248.94 points to 17,137.14, a level last seen on March 8, as stocks in metal stocks tumbled as base-metal prices dropped in overseas markets. Similarly, the wide-based National Stock Exchange index Nifty cracked 5,200 points level to trade 74.25 points lower at 5,148.50, after touching the day's high 5,250.15.
The market shrugged off firming trend in the US markets. Trading sentiment was influenced to some extent by a weak trend in Asia and lower opening in Europe. Barring HDFC and Hero Honda, all the 30-BSE components ended with hefty losses and all the sectoral indices closed in red.
The metal sector index suffered the most by falling 3.93 percent to 16,644.99, as sector major Hindalco sank 5.84 percent to 162.90 and Sterlite Industries by 4.15 percent to 775.05. Tata Steel, the biggest producer of the alloy, declined 4.93 percent to 578.55.
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