Sensex ends below 9000 ahead of fiscal stimulus package
05 Dec 2008
The benchmark indices witnessed profit booking and lost more than half of gains seen on Thursday, ahead of fiscal stimulus package, which is likely to be announced on Saturday. Commodities, technology, banking stocks took beating on the bourses followed by infrastructure stocks, Bharti Airtel, NTPC and DLF. Fall in European markets weighed on our markets as well.
The Sensex closed the day below 9,000 mark. It shut shop with a loss of 264.55 points or 2.87% at 8,965.20. The 50-share NSE Nifty finished at 2714.40, down 73.60 points or 2.64% from previous close.
BSE Midcap was down 29.85 points or 1.02% at 2,892.95 and Small Cap Index fell 8.26 points or 0.25% to 3,323.54. Nifty Midcap 50 closed 1167.10, down 2.11%.
Global indices were choppy ahead of US November employment report, which analysts speculate will be worst since last quarter. Crude related stocks & base metal stocks saw profit booking. Crude headed for its biggest weekly decline since March 2003.
Asian markets ended mixed. Hang Seng and Kospi rose 2-2.5%. Shanghai and Straits Times gained 0.9%. However, Nikkei, Taiwan and Jakarta lost 0.08-0.7%.
European markets were trading weak. FTSE fell 49 points to 4,113. CAC plunged 83 points to 3,077 and DAX down 102 points to 4,461.
US Markets futures are pretty volatile. Dow Jones Futures rose 3 points to 8,405 and Nasdaq Futures gained 1.25 points at 1,136.25. Economists are expecting job cut of 3,40,000 in November after loss of 2,40,000 jobs in October, a biggest drop since 1982.
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