Money on the markets

A maturing market amid the mayhem

Duty cuts limit Sensex losses


The benchmark index started off on a shaky note and ended Tuesday’s session with losses of 0.24 percent after briefly hitting positive territory on the finance minister’s comments to reduce factory gate duties and service tax.INDIA

The sectoral picture looked weak with all sectors closing in the negative. The BSE Metal Index lead the pack with losses of 2.3 percent and was closely followed by the Banking Index which ended down 1.3 percent.

Shares in Satyam ended 3.4 percent lower with volumes of 8.2 million shares on the BSE. The board of Satyam hopes to invite expression of interest from potential bidders by the end of this week.

The market which was choppy throughout the day, gained momentum and briefly turned positive after acting Finance Minister Pranab Mukherjee said factory gate duties were being cut further and service tax rates lowered by 2 percent to boost economic activity.