Millennium Post

Sensex down 49 pts on growth concerns

In a choppy trade, the benchmark S&P BSE Sensex on Friday dropped further by over 49 points to end at 19,732.76 on weak global cues amid rise in IIP data and fall in retail inflation, extending losses for the second day.

Lowering the country’s GDP growth forecast for the current fiscal to 5.3 per cent from 6.4 per cent projected earlier by Prime Minister’s Economic Advisory Council (PMEAC) chairman Rangarajan on Friday while releasing the Economic Outlook for 2013-14 also later weighed on the market.

Realty, power, capital goods and PSU stocks were in demand while consumer durable, IT, Teck and FMCG shares attracted profit-booking.
Losses in ITC, Infosys, HDFC Bank, HDFC, ICICI Bank, Wipro and Bharti Airtel mainly contributed the sensex decline while rise in L&T, M&M, BHEL, Sun Pharma, ONGC, Coal India, Bajaj Auto, Hero MotoCorp and Tata Power limited the fall.

The Bombay Stock Exchange 30-share barometer resumed weak on feeble Asian trends and moved erratically in a range of 19,899.37 and 19,675.68 before settling at 19,732.36, showing a drop of 49.12 points or 0.25 per cent. On Thursday, it had dipped by 215.57 points or 1.08 per cent. The wide-based 50-issue Nifty of the NSE, however, ended almost flat at 5,850.60 -just down by 0.10 points.

After contracting for two straight months, factory output measured in terms of the index of industrial production (IIP) entered the positive zone in July, recording a growth of 2.6 per cent on account of improved performance of manufacturing and power sectors.
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