Friday, November 8, 2013

Sensex sheds 156 points on Fed tapering fears

The 30-share Bombay Stock Exchange Sensex tumbled by 156.62 points to close at 20,666.15 points on Friday on profit booking and fears that the debt tapering by the US Federal Reserve would come in earlier than expected.

Analysts said that this was the worst weekly fall in more than three months.

The broader 50-share Nifty also fell 46 points to close the day at 6140.75 points.

"It's just simple profit taking," said Motilal Oswal Asset Management Company's vice-president Manish Sonthalia.

Another head of a leading domestic brokerage said that there were renewed fears that the tapering would come in earlier than expected on the back of strong economic data in the US and a rate cut in Europe.
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