Sensex dips on oil & inflation

The Bombay stock exchange sensitive index posted its first weekly drop in five weeks . Due to highest rate of inflation and speculation on ban of export trade of oil products for containing inflation . The index fell to 163737 .07 points , a decline of 2.01 % or 343.58 points . The Nifty fell to 4982.6 points , a decline of 99.1 points or 1.95 % . Most of the Asian indices also closed lower than previous closing . The leader of the slide was Reliance Industries which fell by 5.19 % to close at 2527.65 poits and Reliance Patroleum fell by 8.03 % to close at 181.05 % . Other oil companies such as Essar Oil , Cairn India also closed lower than the previous closing . The BSE oil & gas index fell by 4.17 % or 547.57 points to 11080.88 poits . Banking & realty stock fell as inflation figure indicated that interest rates will not go down . The market had discounted high inflation in the last couple of weeks . As crude crossed $120 barrel , it was thought that now there is no respite .