31 Mar 2008, 1416 hrs IST,INDIATIMES NEWS NETWORK
MUMBAI: Weak global cues, concerns about the health of the US economy and rise in domestic inflation, saw traders book profits. With frontline shares of technology and banks leading declines, the benchmarks lost nearly 4 per cent halfway through the session.
At 1:15 pm, the Sensex was down 646 points or 3.95 per cent at 15,725.06. The index touched a low of 15,685.34.
ICICI Bank (up 7.09%), HDFC Bank (6.96%), Infosys Technologies (6.84%), Tata Consultancy Services (6.34%) and HDFC (6.26%) were the biggest index losers.
Cipla, up 1.36 per cent and Ranbaxy Laboratories, up 0.2 per cent, were the only Sensex gainers.
The Nifty was down 171 points or 3.47 per cent at 4770.75, making a low of 4750.30.
The guidelines instituted by ICAI on Forex Exchange Derivatives are likely to rake up the issue of forex related skeletons in the corporate cupboards. Though guidelines have been issued earlier, they were recommendatory in nature form 1st April, 2009 and compulsory form 1st April, 2011. At a meeting held between 27-29 March, the council of the institute has made it mandatory for corporates to provide for all losses in their forex derivative transactions and to mark to market their outstanding transactions in all accounting periods ending 31st March, 2008 or after.
On Friday, data showed inflation rose 6.68 per cent in the year to March 15, higher than the previous week’s 5.92 per cent and market expectations of 6 per cent. This level is significantly higher than the RBI’s comfort level of 5 per cent, and only worsens the case for an interest rate cut anytime soon.
Meanwhile, stocks fell in Europe and Asia, led by banks and telecommunications companies, as concern deepened that losses in the credit markets will hurt economic and profit growth.
MUMBAI: Weak global cues, concerns about the health of the US economy and rise in domestic inflation, saw traders book profits. With frontline shares of technology and banks leading declines, the benchmarks lost nearly 4 per cent halfway through the session.
At 1:15 pm, the Sensex was down 646 points or 3.95 per cent at 15,725.06. The index touched a low of 15,685.34.
ICICI Bank (up 7.09%), HDFC Bank (6.96%), Infosys Technologies (6.84%), Tata Consultancy Services (6.34%) and HDFC (6.26%) were the biggest index losers.
Cipla, up 1.36 per cent and Ranbaxy Laboratories, up 0.2 per cent, were the only Sensex gainers.
The Nifty was down 171 points or 3.47 per cent at 4770.75, making a low of 4750.30.
The guidelines instituted by ICAI on Forex Exchange Derivatives are likely to rake up the issue of forex related skeletons in the corporate cupboards. Though guidelines have been issued earlier, they were recommendatory in nature form 1st April, 2009 and compulsory form 1st April, 2011. At a meeting held between 27-29 March, the council of the institute has made it mandatory for corporates to provide for all losses in their forex derivative transactions and to mark to market their outstanding transactions in all accounting periods ending 31st March, 2008 or after.
On Friday, data showed inflation rose 6.68 per cent in the year to March 15, higher than the previous week’s 5.92 per cent and market expectations of 6 per cent. This level is significantly higher than the RBI’s comfort level of 5 per cent, and only worsens the case for an interest rate cut anytime soon.
Meanwhile, stocks fell in Europe and Asia, led by banks and telecommunications companies, as concern deepened that losses in the credit markets will hurt economic and profit growth.
No comments:
Post a Comment