Nasdaq worries pare prices
The Indian share market closed sharply lower yesterday, with large trader selling before the Bombay Stock Exchange's weekly settlement today offsetting fund buying.
In addition, concerns over the Nasdaq Composite Index's possible reaction to the release of United States gross domestic product data later yesterday further undermined sentiment.
The BSE 30 Index dropped 113.32 points to close at 4,679.63.
'Since our markets are affected in a major way by Nasdaq movements these days, no trader wants to increase his exposure ahead of the end of the Bombay Stock Exchange weekly settlement cycle,' KJMC Financial dealer Chetan Kapoor said.
'Besides, everything does not seem right on the economic front. Though year to March 2001 GDP growth has been estimated at 6.5 per cent to 7 per cent by the [Reserve Bank of India], net government borrowings are expected to be large, which is worrying,' he said.
The central bank published its credit and monetary policy review yesterday.
Close: 4,679.63 (- 113.32)