Monday, January 10, 2011
Concerns over interest rate hike, weak global peers coupled with selling pressure from FIIs weighed on the sentiments, with the Sensex closing at one-month low, down 468 points.
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The key benchmark indices tumbled to six-week closing lows as a sell-off accelerated in the second half of the trading session on heightened fears of a rate hike by the central bank to cool inflation. The market declined for the fifth straight day. Data showing substantial selling by foreign funds on Friday, 7 January 2011 and media reports that the proposed Goods and Service Tax (GST) will not be rolled out before April 2012 due to continued parliamentary disruption, also unnerved investors. World stocks fell on rising pressure on Portugal to seek financial help to prevent the debt crisis contagion. The BSE 30-share Sensex lost 467.69 points or 2.38%, off close to 500 points from the day's high and up close to 65 points from the day's low.
Prices register modest weekly losses
Precious metals continued with their downward journey on Friday, 07 January 2011 at Comex. Prices fell as the dollar witnessed gains and traders continued to take to profit taking after the holiday season.