Bombay Stock Exchange benchmark Sensex loses over 500 points
The 30-share BSE barometer which opened lower by 446 points lost further and closed 502.07 points down at 14,274.94 points. The 50-scrip index Nifty on the National Stock Exchange also ended down by 121.70 points at 4,311.85. It touched the day's low of 4,297.15 and a high of 4,440.85. Marketmen attributed the losing trend to profit selling at existing higher levels amid reports of a weakening trend in the global stock markets.
US Dow Jones Industrial Average and Nasdaq, dropped on reports that the US Housing sale has declined most in last decade. Oils and gas index suffered the most by 508.98 points at 9504.42 as the sector major Reliance Industries, operator of the world's third-largest refinery, dropped in more than a month on concerns that increasing competition in its core refining business may curb profit growth. On Thursday after the trade hours, were much below the market expectations, marketmen said, that stock fell by Rs 159.20 at Rs 2147.35.
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