Millennium Post

Sensex dips 163 points to end at one-week low

Falling for the second straight day, the BSE benchmark Sensex on Friday tanked by 163 points as 3-4 per cent losses in SBI, Tata Steel and ONGC shares on muted September quarter performance soured the sentiment, amid a weak global trend. The Sensex opened higher at 18,894.42 but failed to sustain the initial momentum to close 162.58 points, or 0.86 per cent, lower at 18,683.68.

The NSE index Nifty fell by 52.50 points, or 0.91 per cent, to 5,686.25 led by stocks in realty, metal, oil & gas and banks. Brokers said the market remained in bearish mode as State Bank of India reported an increased in bad loans and ONGC posted a steepest fall in quarterly profits in almost four years.

SBI shares plunged 3.89 per cent to Rs 2,156.35 and ONGC fell 3.05 per cent to Rs 257.10. Reliance Industries and Infosys also closed down one per cent each.

Tata Steel reported consolidated loss of Rs 363.90 crore for the July-September quarter, as against net profit of Rs 212.40 crore in the same quarter last fiscal. Its shares closed over 3.2 per cent down.

‘What is worrying markets are the slippages and loan restructuring the banking sector could face in coming quarters... Tata steel disappointed with lower than expected numbers,’ said Nagji K Rita,CMD,Inventure Growth & Securities.
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