Bankers' strike marginally hits business at Dalal Street
7 Aug 2009, 2138 Hrs

volume was 20-30 percent below normal due to the strike

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Mumbai, Aug. 7 Trading was light at the Dalal Street for the second consecutive day following a two-day strike that has been called by about one million employees of state-run banks, which has dominated the currency market since Thursday

The rupee fell to one-week low on Friday, extending losses into a second day, as a weak stock market prompted investors to cut positions ahead of US payrolls data.

The rupee ended at 47.85/86 per dollar, 0.35 percent weaker than Thursday's 47.68/69. It weakened as far as 48 during trade, a level last tested on July 31.

According to the analysts and traders, the volume was 20-30 percent below normal due to the strike.

Meanwhile, the benchmark stock index, Bombay Stock Exchange fell 2.3 percent, extending their losses for the week to 3.25 percent.

Sunder Sailen, an investor, who has been keeping a close watch on the stock market, agreed that the market is weak but at the same time denied that it has to do anything with the strike. He expected the market to become vibrant soon.

"Market is continuously, since yesterday it was down around 400 (points). Today it was 225 (points) down. We are expecting some correction. So, that is the right time to purchase some shares," said Sailen.

Sunil Shah, a market analyst was of the view that the strike might have marginally affected the market.

"Well, it (strike) may have impact on volumes but certainly as far as underlining fundamentals are concerned this is just a minor, I mean, it's not an indefinite strike. It is just a token two-day strike. So people were prepared," said Shah.

"I don't think this is to do with the fall of the market. Market fall is more due to the fundamental reasons and not the current banking strike," Shah added. (ANI)

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