During the opening trade, Sensex went down 69 points due to feeble global cues

Sensex, the BSE benchmark, went down by more than 69 points during the opening trade on a fresh sell-off by some foreign funds and a number of retail investors. This happened due to cues from the very feeble global markets.

During the last two sessions, the 30-share barometer which already lost more than 232 points, and then now with the 69 points or this could also be translated to 0.37% to 18,307.42 in the very first few minutes during the trade.

And the industries that really felt the downfall and were really tremendously affected the most on the fresh sell-off were the stocks of realty, tech, IT, power, metal, and the car industry.

And together with the whole thing the wide-based National Stock Exchange Nifty index also fell down by 22.70 points.

In Asia, Hong Kong’s Hang Seng index was trading 1.31% which is lower and Japan’s Nikkei lost 0.84%. Meanwhile, in the US, the Dow Jones Industrial Average ended 0.79% lower.

Due to Low Demand, Edible Oils Remain Feeble

2nd News Rewrite 7May2011

New Delhi – In the midst of slow demand and reports of a declining trend in the global markets, edible oils remained under pressure for the second continuous week across-the-board in the oils and oil seeds market and mislaid further grounds.

And it is not only the edible oil that is weakening even a number of non-edible oils are also showing continued weakness on reduced offtake consuming industries.

Market analysts said trading sentiments in edible oils continued bearish as palm oil plummeted in the global markets. This happened after commodities went down, which is said to be the lowest in more than two years.

Additionally, drop in demand from local parties at spot market because of the increasing mercury influenced the trading sentiments.

For the time being, palm oil futures cut down by 2.3 per cent just this week to USD 1,064 metric tone, this is the lowest closing level ever since November 24 on the Malaysia Derivatives Exchange.