Sensex drops 252 points in biggest fall in 6 weeks
3 Jan 2014 7:07 AM IST
It was the second straight loss for the index in as many days in the new year as 11 of the 12 BSE sectoral indices declined, led by realty, capital goods and power stocks. The IT sector index gained moderately.
ITC, Larsen & Tourbo, ICICI Bank and Reliance Industries together contributed 131 points to the drop in the Sensex.
Bhel, Tata Power and Coal India Limited (CIL) led 25 index shares down, leaving only five gainers.
The BSE S&P Sensex opened higher and climbed almost 200 points to 21,331.32 in early trade. The decline started in the afternoon as the index slid to the day's low of 20,846.67, a drop of 485 points from the day's high. The Sensex ended at 20,888.33, a decline of 252.15 points or 1.19 per cent. It was the biggest fall since 21 November, when it lost 406.08 points. The Sensex was back below the 21,000 mark after two weeks.
The broader 50-share CNX Nifty on the National Stock Exchange dropped 80.50 points, or 1.28 per cent, to 6,221.15.
‘Nifty opened on a strong note and surged to high of 6,358. However, profit-booking at higher levels was seen in latter part of the day,’ said Nidhi Saraswat, Senior Research Analyst at Bonanza Portfolio Ltd. ‘European and Asian indices were also weaker and further dampened market sentiment.’
Global stock markets were mixed after weaker manufacturing data in December indicated China's economy might be slowing. India's manufacturing sector decelerated marginally last month amid a slowdown in domestic order flows.
Rupee dips 36p to one-month low of 62.26 against $
Mumbai: In step with local stocks, the Indian rupee surrendered initial gains and declined 36 paise to a one-month low of 62.26 against the dollar on Thursday amid demand from importers as the US currency strengthened overseas.
At the interbank foreign exchange market, the rupee started on a stable note from the previous close of 61.90 and climbed to the day’s high of 61.74 as local stocks advanced.
However, the local currency fell sharply to a low of 62.28 after a drop in the domestic equity market amid weak European cues and a decline in manufacturing data in December. The rupee closed at 62.26, a fall of 36 paise or 0.58 per cent, adding to Wednesday’s 10-paise loss. The currency is at the lowest closing level since it reached 62.36 on 3 December.
‘Negative closing in the local stock markets and strengthening dollar index led to weakness in the rupee. Other than this, a large petrochemical company is said to have bought dollars from the market, which put pressure on the rupee,’ said Abhishek Goenka, CEO of India Forex Advisors.
ITC, Larsen & Tourbo, ICICI Bank and Reliance Industries together contributed 131 points to the drop in the Sensex.
Bhel, Tata Power and Coal India Limited (CIL) led 25 index shares down, leaving only five gainers.
The BSE S&P Sensex opened higher and climbed almost 200 points to 21,331.32 in early trade. The decline started in the afternoon as the index slid to the day's low of 20,846.67, a drop of 485 points from the day's high. The Sensex ended at 20,888.33, a decline of 252.15 points or 1.19 per cent. It was the biggest fall since 21 November, when it lost 406.08 points. The Sensex was back below the 21,000 mark after two weeks.
The broader 50-share CNX Nifty on the National Stock Exchange dropped 80.50 points, or 1.28 per cent, to 6,221.15.
‘Nifty opened on a strong note and surged to high of 6,358. However, profit-booking at higher levels was seen in latter part of the day,’ said Nidhi Saraswat, Senior Research Analyst at Bonanza Portfolio Ltd. ‘European and Asian indices were also weaker and further dampened market sentiment.’
Global stock markets were mixed after weaker manufacturing data in December indicated China's economy might be slowing. India's manufacturing sector decelerated marginally last month amid a slowdown in domestic order flows.
Rupee dips 36p to one-month low of 62.26 against $
Mumbai: In step with local stocks, the Indian rupee surrendered initial gains and declined 36 paise to a one-month low of 62.26 against the dollar on Thursday amid demand from importers as the US currency strengthened overseas.
At the interbank foreign exchange market, the rupee started on a stable note from the previous close of 61.90 and climbed to the day’s high of 61.74 as local stocks advanced.
However, the local currency fell sharply to a low of 62.28 after a drop in the domestic equity market amid weak European cues and a decline in manufacturing data in December. The rupee closed at 62.26, a fall of 36 paise or 0.58 per cent, adding to Wednesday’s 10-paise loss. The currency is at the lowest closing level since it reached 62.36 on 3 December.
‘Negative closing in the local stock markets and strengthening dollar index led to weakness in the rupee. Other than this, a large petrochemical company is said to have bought dollars from the market, which put pressure on the rupee,’ said Abhishek Goenka, CEO of India Forex Advisors.
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