The market tumbled today after the latest data showed Indias inflation soared to a 13-year high early this month. High inflation sparked fears of tighter monetary policy by the Reserve Bank of India. All the sectoral indices on BSE were negative. Oil & gas stocks declined sharply

The wholesale price index rose 11.05% in the 12 months to 7 June 2008, government data released today, 20 June 2008, afternoon showed. The rate was above market expectation of about 10% rise. The reading was the highest in 13 years since 6 May 1995, when it was 11.11%.

The surge in inflation was due to rise in retail fuel prices. The government had raised retail fuel prices by about 10% on 4 June 2008 to help curb losses at its state-owned refiners, arising from surging global crude oil prices.

As per provisional closing, the 30-share BSE Sensex was down 497.83 points or 3.30% at 14,590.16. The index shed 568.72 points at the days low of 14,519.27 hit at the fag end of the trading session. The barometer index today hit its lowest level in calendar year 2008. Sensex had earlier touched a 2008 low of 14645.31 on 10 June 2008.

The Sensex gained 114.02 points at the days high of 15,202.01, hit at the onset of trading session.

The broader based S&P; CNX Nifty was down 148.8 points or 3.30% at 4355.45. It touched low of 4333.60, its lowest level in calendar year 2008. The Nifty had earlier hit a 2008 low of 4369.80 on 10 June 2008.

The market breadth was poor on BSE with 464 shares advancing as compared to 2231 that declined. 45 remained unchanged.

The BSE Mid-Cap index fell 2.87% to 6,051.13. The BSE Small-Cap index was down 3.16% at 7,418.05.

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries lost 6.61% at Rs 2096.60. RIL has a highest weightage of 15.80% in Sensex.

The other major losers from the Sensex pack were Reliance Communication (down 6.90% at Rs 490), Jaiprakash Associates (down 6.23% at Rs 166.25), Hindalco Industries (down 5.90% at Rs 161.80), Bharti Airtel (down 4.81% at Rs 766) and State Bank of India (down 4.42% at Rs 1243.50)

India's top tractor maker by sales Mahindra & Mahindra rose 1.14% at Rs 583 and India's top state-run oil explorer by market capitalisation ONGC rose 2.16% at Rs 872. These two stocks were the only gainers from the Sensex pack.

India's largest private sector bank by assets ICICI Bank lost 2.48% at Rs 734.65. ICICI Bank has a third highest weightage of 8.11% in BSE Sensex.

Indias second largest software exporter by sales Infosys Technologies shed 1.74% at Rs 1827.60. Infosys has a second highest weightage of 8.76% in BSE Sensex.

Sundaram Clayton, which resumed trading today on BSE, fell 57.72% at Rs 283.90. It opened at Rs 324 and touched a high of Rs 397.80 in early trade.

Realty developer Parsvnath Developers lost 6.07% to Rs 152.45 after the company reported 17% fall in net profit to Rs 108.87 crore in Q4 March 2008 over Q4 March 2007.

European markets were mixed. Key indices in UK, and France were down by 0.08% to 0.16%. However, Germanys DAX index was down 0.13%.

Asian stocks were mixed today. The key benchmark indices in Hong Kong, China and Singapore were up by between 0.31% to 3.01%. Key benchmark indices in Japan, Taiwan and South Korea were down by between 0.23% to 1.81%.

US stocks rose Thursday, 19 June 2008, as a drop in oil prices fueled investor optimism about consumer spending, driving shares of transportation and retailers sharply higher. The Dow Jones Industrial Average gained 34.03 points or 0.28% to 12,063.09. The tech-laden Nasdaq Composite Index rose 32.35 points or 1.33% to 2,462.06.

US crude for July delivery settled down $4.75, or 3.48%, at $131.93 per barrel on the New York Mercantile Exchange on Thursday. It lost further to $131.71 today as China's surprise move to increase fuel prices sparked worries about a curb in demand from the world's second largest consumer.

The sharp fall in oil price came just days before an emergency meeting on Sunday, 22 June 2008, in Saudi Arabia between oil consumers and producers to discuss rising oil prices. Saudi Arabia, the world's top oil exporter, is hiking output to help bring down prices, which have jumped nearly 40% this year and caused protests around the globe.

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