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Thursday, Aug 12, 2004

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Sensex down 77 over inflation, oil worries

Our Bureau

Mumbai , Aug. 11

THE markets finally reacted to the high inflation and oil prices, with the benchmark Sensex falling 1.5 per cent on Wednesday.

Commodity stocks were the worst hit.

A hike in Fed rate also affected market sentiment. According to brokers, selling by some FIIs throughout the day further affected sentiment.

Worries that the Government may try to control rising commodity prices also put pressure on commodity stocks. Old economy sectors such as steel, cement and petrochemicals were the major losers on Wednesday.

The market opened firm but soon drifted into negative territory following selling pressure from select institutional investors.

At close, the BSE Sensex was down 76.89 points (1.46 per cent) to close at 5175.16; the NSE's S&P CNX Nifty was down by 30.55 (1.85 per cent) at 1621.60.

Mr Arun Kejriwal of KRIS Research said: "Rising inflation, high international oil prices and possibility of rise in interest rates are concerning the market." He said until these issues are sorted out, the market would move in a narrow range with a downward bias.

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