Tech, banks drag Nifty below 5500; weak global cues weigh
02 Aug 2011
The bears have not backed out yet. The NSE benchmark Nifty closed way below the key psychological 5,500-mark on Tuesday on fears that there could be slowdown in some of the developed countries. Disappointing manufacturing data of major regions like the US, Europe and China had offset the sigh of relief offered by the agreement between the US house and Republicans for raising the US debt limit.
The 30-share BSE Sensex fell 204.44 points, to close at 18,109.89 and the 50-share NSE Nifty shed 60.25 points, to end at 5,456.55.
Sudip Bandyopadhyay, President of Destimoney Securities is disappointed that no permanent solution has been found to these problems (US or European debt crisis).
Meanwhile, analyst Meredith Whitney said, "Our GDP number on Friday was an indication that states and local governments, which make up 12% of GDP, are really pulling back. We're certainly in a double dip on housing, which is putting "enormous pressure on the economy."
Sensex sheds 200 pts; SBI, Bharti, Infosys drag
The benchmark Sensex remained under pressure due to sell-off across the globe since yesterday post disappointing manufacturing data from US, Europe and China. Even the broader indices were taking beating as about four shares falling for every one share gaining.
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