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Drumbeat: Ad Buzzaar
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Saturday, May 30, 1998
Sensex loses 36 points to close below 3,700 points
AGENCIES
The Bombay Stock Exchange fell one per cent on Friday in the wake of Pakistani nuclear tests, stock brokers said. The 30-share BSE Sensex fell 35.54 points to 3,686.39 points. It has closed Thursday at 3721.93 points. J C Parikh, president of the exchange, India's oldest, said the market had bottomed out and may not fall any further."Now one is waiting for the federal budget and the market is adopting a wait-and-watch attitude on what the government would do to revive the confidence of the market." The budget would be unveiled on Monday amid a slowdown in the economy. Parikh said the market reacted "only in the morning to the Pakistani nuclear tests. Later, it was only speculation which caused the volatility." Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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