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Sensex plunges by 184 pts on inflation concerns

Mumbai: Erasing early gains, the Bombay Stock Exchange benchmark Sensex fell sharply by 184 points at midsession today on fresh selling by funds on concerns that rising inflation might force more hike in interest rates.

After regaining 18,000 points level at the outset, the Sensex fell by 184.01 points to 17,756.54 at 1415 hrs with all the sectoral indices suffering losses.

The broad-based National Stock Exchange index Nifty fell by 52.10 points to 5,349.70 at the same time. It commenced the day higher at 5,434.50.

Trading sentiment turned bearish after official data showed that food inflation rose to 8.04 per cent for the week ended July 23, from a 20-month low level in the previous week, fanning fears of rate hike.

Most of Asian stock markets closed in the red. Sydney fell by 1.30 per cent while Hong Kong by 0.49 per cent but Tokyo gained 0.23 per cent after the government intervened in the currency market to curb the yen’s rise.

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