With persistent worries about the global economy eroding confidence, the 30-share BSE Sensex fell 2.53 per cent today to its lowest close in a week. It lost 458.06 points to end at 17,617.60, its lowest close since February 13. It ended 17 per cent below the record high hit on January 10.Fears of rising inflation grew after a number of commodity prices hit record highs, including crude oil jumping to a record above $100 a barrel, even as the global growth slows. “Oil appears to be the latest spoilsport for the markets,” said an analyst with India Infoline. The bad news in credit markets continued, with KKR Financial Holdings, the listed arm of private equity group Kholberg Kravis Roberts & Co, saying it had delayed repayment of debt backed by mortgage securities for the second time and had begun a new round of talks with creditors.“The main problem here is that liquidity globally seems to have been sucked out. In India, we are now seeing the base effect of last year’s high growth, and things are slowing down as interest costs of corporates have risen,” said a dealer. ICICI Bank fell 4.2 per cent while Reliance Industries, India’s biggest listed firm, fell 2.8 per cent. Tata Consultancy Services, which announced a multi-year contract from auto maker Chrysler, rose 1.05 per cent to Rs 884. Infosys Technologies gained 0.7 per cent.
