The BSE Sensex fell 56 points to 18,562 today,snapping 2-day winning trend,as investors booked profits amid concerns over high inflation,interest rates and a brief technical glitch showing weird stock quotes. Besides,there was some weakness in global markets on worries about euro-zone debt troubles and a possible cut in the US credit ratings. The Bombay Stock Exchange 30-share barometer opened in the green. At one point,however,it showed weird quotes in some index-based stocks like RIL,TCS,ICICI and HDFC Bank,jumping to 19,619.65. However,it corrected quickly and came down to remain in the negative terrain,ending at 18,561.92 - down 56.28 points or 0.30 per cent. The broad-based NSE 50-issue Nifty also reacted downwards by 18.70 points or 0.33 per cent to 5,581.10. "The market undertone is jittery over a spate of local and global headwinds. For India,the biggest worry is high inflation. RBI is not done with its monetary tightening,(which could lead to further hike in interest rates)," said Amar Ambani,Head of Research at IIFL. Inflation rose to 9.44 per cent in June from 9.06 per cent in May. RBI has raised key rates 10 times since March last year to tame the price rise and is slated to review the policy again later this month. Ambani also said,"For the global economy,the major concern is the credit crisis in the euro-zone and the impasse over debt ceiling in the US." Mixed Asian markets and lower openings in Europe,ahead of release of crucial results of 'stress test' of the euro-zone's troubled banking sector,dampened investor sentiment. Besides,there was caution on reports that credit ratings agencies like Moody's and Standard and Poor¿s may cut the US rating,and the Federal Reserve ruling out immediate bond purchases. Selling in HDFC,Tata Motor,ICICI Bank,ONGC,ITC and Infosys Tech contributed to the Sensex fall. However,strong Q1 results by the country's biggest software exporter TCS late yesterday,cushioned the fall to some extent. TCS share was the top gainer from the Sensex pack with a rise of 2.03 per cent. In Asia,key indices from China,Japan,South Korea and Taiwan ended in the green,while from Hong Kong and Singapore finished with losses. European stocks displayed a feeble trend. The CAC was down by 0.31 per cent,the DAX by 0.27 per cent and the FTSE by 0.04 per cent. Meanwhile,back home,FIIs purchased shares worth Rs 211.46 crore yesterday as per provisional data. From the Sensex counters,Tata Motors dipped by 2.61 per cent,Sterlite Ind (2.01 pc),ONGC (1.94 pc),Cipla (1.58 pc),Tata Power (1.33 pc),HDFC (1.30 pc),RCom (1.29 pc),Hero Honda (1.28 pc),REL Infra (1.09 pc),Hindalco (0.93 pc) and Bharti Airtel (0.91 pc). However,M&M rose by 0.83 per cent and RIL,0.74 pc. Among the sectoral indices,BSE-Metal declined 0.85 per cent,Auto by 0.59 per cent,Realty by 0.54 per cent and PSU by 0.53 per cent. The total market breadth at BSE turned negative as 1,472 stocks settled in losses,while 1,384 that closed with gains. The turnover dropped to Rs 2,102.79 crore,from Rs 2,782.36 crore yesterday.
