Market declines for third straight day

The market suffered losses for the third straight day today, 17 August 2007. Domestic markets were dancing to world market tunes. Markets across the globe were inflicted with intense volatility. The benchmark BSE Sensex, however, gained substantial ground from an intra-day steep fall on back of recover in world markets. Turnover was quite high today.
The Sensex lost 216.69 points, or 1.51%, to 14,141.52. At the day’s low, the Sensex had tumbled 578.33 points for the day. The Sensex oscillated 538.68 points between 13,779.88 and 14,318.56 during the day.
From 15,017.21 on 13 August 2007, the Sensex has lost 875.69 points in three trading sessions at the current 14,141.52.
The S&P CNX Nifty shed 70.55 points, or 1.69%, to 4,108.05 today. The Nifty August 2007 futures settled at 4082, a discount of 26.05 points as compared to spot closing.
Most of the European markets opened on positive note, but later succumbed to selling pressure. Key benchmark indices in London, Germany and France were down by between 0.1% to 0.3%
Meanwhile, India's wholesale price index rose 4.05% in the 12 months to 4 August 2007, lower than the previous week's 4.45% due to a fall in food and manufactured product prices, government data showed on Friday, 17 August 2007.
Global markets have seen sell-off in the past few days on fears of liquidity crunch arising from mortgage defaults in the US housing's sub-prime sector coupled with yen carry trade unwinding. Investors have been borrowing in low interest-rate carrying yen and investing in high-yielding emerging markets.
FIIs sold shares worth Rs 2,548.50 crore in August 2007, till 14 August.
The market breadth was weak on BSE with 1,833 shares declining as compared to 888 that advanced, while 40 remained unchanged.