Sensex weakens further as the metal shares plunge Thursday, October 14 2004 11:28 Hrs (IST)
Mumbai:
After resuming barely steady, the Sensex showed a sign of further weakness in line with sharp downslide in metal stocks during morning trading on the stock exchange in Mumbai today (Oct 14, 2004).
Metal counters bore the brunt of heavy selling following steep fall in most of the metal prices on the London Metal Exchange (LME) yesterday on worries over slow-down in China Aluminium was down by $94 to $1747 per tonne and Copper by $161 to $3042 per tonne.
The BSE-30 share sensitive index resumed fractionally up at 5677.87 as against Tuesday's (Oct 12, 2004) close of 5676.73 and dropped to a low of 5645.66 before being quoted at 5661.43 at 10.30 hrs (IST) down by 15.30 points.
Possibility of rise in local oil prices due to sustained increase in a global oil prices which broke through $54 a barrel yesterday (Oct 13, 2004), also impacted negatively on share values, dealers said.
Bearish overseas advices also added fuel to the fire. On Wall street, the Dow Jones industries average and the Nasdaq composite index close down by 74.85 points and 4.65 points respectively yesterday.