Millennium Post

Sensex tanks 147.5 points in fifth straight day of loss

Extending its losses for the fifth trading session in a row, the BSE benchmark sensex on Thursday dipped by over 147 points to end at two-week low of 18,471.37 on the back of weak global trends, despite fall in headline inflation.

The sentiment, which was already dampened by sluggish local economic data announced on Monday, aggravated further after bearish Asian as well as European stock markets due to overnight sharp fall on Wall Street on concerns over the US fiscal cliff amid increased violence in the Middle East.

Shares from IT, metal, FMCG, auto and pharma segments suffered the most while from realty and consumer durable attracted good buying support.

Sensex-based scrips like ITC, Infosys, TCS, Tata Motors, RIL, Tata Steel, SBI, ONGC, ICICI Bank, Wipro and Dr Reddy's Lab closed with sharp to moderate falls while Bharti Airtel, HDFC and HUL ended with marked gains.

The Bombay Stock Exchange 30-share gauge resumed weak and remained in negative terrain throughout the day before ending at 18,471.37, exhibiting a loss of 147.50 points or 0.79 per cent.

The wide-based S&P CNX Nifty of the NSE also dropped by 35.95 points or 0.63 per cent to 2-week low of 5,631.00.

Despite fall in the sensex, buying was seen in second line stocks for last couple of days, indicating increased participation of retail investors and as a result BSE-Smallcap and BSE-Midcap indices outperformed the main barometer.

Barring, Japan which closed remarkably higher on hopes of a possible change of government, other Asian markets finished lower between 0.22 pct and 1.55 pct.

European stocks were also trading lower in afternoon deals as worries over the US 'fiscal cliff' of potential tax hikes and spending cuts kept most buyers on the sidelines. US stock indices on Wednesday fell to multi-month lows on fears of spending cuts and tax hikes slated to begin in January.

The Dow Jones Industrial Average and the Nasdaq Composite Index settled down by 1.45 per cent and 1.28 per cent. Back home, market analysts said the October inflation data , which is still above the apex bank's tolerance level, did not re-ignite any fresh hopes of rate cut in the RBI's next monetary policy meeting.

22 out of 30 Sensex-based counters  ended lower. Tata Steel was the top loser among Sensex constituents with a fall of 2.66 per cent, followed by ITC (2.57 pc), Jindal Steel (2.32 pc), TCS (2.23 pc), Wipro (2.19 pc) and Infosys(1.92pc).

Tata Motors (1.86 pc), Hindalco (1.85 pc), Hero MotoCorp (1.75 pc), Dr Reddy's Lab (1.70 pc), Sterlite (1.64 pc), Cipla (1.32 pc), ONGC (1.25 pc), SBI (0.85 pc), HDFC Bank (0.67 pc) and RIL (0.63 pc) also closed lower among Sensex pack.
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