Sensex tumbles by another 220 points

Shrugging off higher IIP data, the BSE benchmark sensex continued its downward march for the second consecutive day by dipping 220 points on persistent selling pressure on worries over corporate growth in view of rising inflation and global economic crisis. The BSE benchmark sensex resumed higher at 17,246.88 on the overnight rise in US market, but declined to 16,784.56 before ending the day at 16,839.63 as current high inflation raised concerns that the central bank will stick to its tight monetary policy. Investors are worried over the higher interest rates that will crimp corporate profit growth. From / Gulf Today