Sensex sheds 209 pts, volumes are still low

Written by Markets Bureau | Mumbai, Jan 28 | Updated: Jan 29 2008, 05:34am hrs
Volatility prevailed on the domestic bourses on Monday in line with global markets. The 30-stock Sensex of the Bombay Stock Exchange fluctuated in a range of 760 points before making a smart recovery in the last hour of the trading session to close at 18,152.78 points, a loss of 208.88 points or 1.14%.

The broader S&P CNX Nifty of the National Stock Exchange lost 109.25 points, or 2.03%, to close at 5,274.10 points.

Volumes remained abysmally low on both the stock exchanges on Monday, as was the trend on Friday. Dealers said investors are eagerly awaiting the results of a series of events in the days to come. The first is the quarterly review of monetary policy by the Reserve Bank of India on Tuesday.

The second is the Federal Open Market Committee meeting of the US Federal Reserve on Wednesday. Keenly watched will be the derivatives expiry on January 31 and the fourth event falls on February 1 when institutional investors, including those from overseas, will be allowed to short sell.

Among the sectoral indices, only the automobile and the banking indices ended the day in positive territory, each gaining around 1% while the IT, tech and realty indices were deep in the red, each losing around 4%.