Sensex dips another 95 points in 7th consecutive day of loss
9 Feb 2013 8:26 AM IST
The BSE benchmark Sensex on Friday lost over 95 points on fag-end selling by investors concerned over economic growth and lower earnings by blue-chip stocks amid a weak Asian cues.
In the seventh straight day of losses, the Sensex fell by 95.55 points, or 0.49 per cent to 19.484.77 on heavy selling in last 30-minute of trade. This was the longest losing streak of the index since November 2011. The gauge had dropped 425 points in last six sessions.
Similarly, the National Stock Exchange index Nifty fell by 35.30 points, or 0.59 per cent, to 5,903.50 led by stocks of metal, realty and auto sectors.
Brokers said the investors remained cautious on lower gross domestic product projections and ahead of the inflation data next week. As per the advance estimates of the CSO, which was released yesterday, the GDP growth rate for the current fiscal is estimated to be at 5 per cent, the lowest in a decade. The economy grew by 6.2 per cent in 2011-12 fiscal.
Brokers added that weak quarter earnings by Hindalco and Canara Bank in continuation to Cipla yesterday further dampened the market sentiment.
Hindalco Industries reported nearly 4 per cent decline in standalone net profit at Rs 433.52 crore for the third quarter ended 31 December, on subdued sales and sharp increase in finance costs. Shares of Hindalco closed at Rs 109.75 apiece, down 3.18 per cent from its previous close on the BSE.
Rs SUFFERS 3RD STRAIGHT FALL, DOWN TO 1-WEEK LOW AGAINST $
Extending losses for the third day in a row, the rupee dropped by 28 paise to end at more-than one week low of 53.50 against the American unit at the Interbank Foreign Exchange market following sluggish local equities and sustained dollar demand from importers.
Weak dollar overseas also kept the rupee under pressure while recent hefty capital inflows failed to limit the fall.
Forex dealers attributed dip in the rupee value to weakness in the domestic stocks amid fall in the dollar index in global markets.
In the seventh straight day of losses, the Sensex fell by 95.55 points, or 0.49 per cent to 19.484.77 on heavy selling in last 30-minute of trade. This was the longest losing streak of the index since November 2011. The gauge had dropped 425 points in last six sessions.
Similarly, the National Stock Exchange index Nifty fell by 35.30 points, or 0.59 per cent, to 5,903.50 led by stocks of metal, realty and auto sectors.
Brokers said the investors remained cautious on lower gross domestic product projections and ahead of the inflation data next week. As per the advance estimates of the CSO, which was released yesterday, the GDP growth rate for the current fiscal is estimated to be at 5 per cent, the lowest in a decade. The economy grew by 6.2 per cent in 2011-12 fiscal.
Brokers added that weak quarter earnings by Hindalco and Canara Bank in continuation to Cipla yesterday further dampened the market sentiment.
Hindalco Industries reported nearly 4 per cent decline in standalone net profit at Rs 433.52 crore for the third quarter ended 31 December, on subdued sales and sharp increase in finance costs. Shares of Hindalco closed at Rs 109.75 apiece, down 3.18 per cent from its previous close on the BSE.
Rs SUFFERS 3RD STRAIGHT FALL, DOWN TO 1-WEEK LOW AGAINST $
Extending losses for the third day in a row, the rupee dropped by 28 paise to end at more-than one week low of 53.50 against the American unit at the Interbank Foreign Exchange market following sluggish local equities and sustained dollar demand from importers.
Weak dollar overseas also kept the rupee under pressure while recent hefty capital inflows failed to limit the fall.
Forex dealers attributed dip in the rupee value to weakness in the domestic stocks amid fall in the dollar index in global markets.
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