Millennium Post

Sensex’s losing streak starts to look grim, hits 6th straight day

Falling for the sixth day in a row, the Bombay Stock Exchange (BSE) benchmark Sensex on Friday hit fresh four months low by losing over 57 points as cautious investors refrained from buying on current political worries amid weak global cues.

The Sensex remained volatile before ending with a loss of 57.27 points, or 0.30 per cent, to 18,735.60, the levels last seen on 26 November, 2012. The index had lost 778 points in last five sessions. The gauge shuttled between 18,859.82 and 18,669.20 during the session.

Similarly, the broad-based National Stock Exchange index Nifty declined 7.40 points, or 0.13 per cent, to 5,651.35, after moving between 5,691.45 and 5,631.80.

Brokers said investors turned extremely cautious on concerns that political instability after the withdrawal of support by the DMK to the ruling United Progressive Alliance  (UPA) government and limited room to cut interest rates might undermine efforts to revive economic growth.

They said a weakening Asian trend and lower opening in Europe as Cypriot lawmakers begin a debate to unlock bailout funds and prevent a financial collapse, further influenced the market sentiment.

In 30-Bombay Stock Exchange index components, 18 stocks declined led by State Bank of India, ICICI Bank, Infosys, Reliance Industries, Bharti Airtel, Dr Reddy's Lab, Tata Motors and Tata Steel.

Nearly half of the benchmark kitty stocks lost over five per cent this week, while the small and medium six sector stocks suffered heavy losses on all-round selling.

The consumer durable sector index suffered the most by losing 2.06 per cent to 6,825.22 followed by realty sector by 1.31 per cent to 1,781.36. IT index fell by 0.82 per cent to 6,787.91 and oil and gas sector by 0.54 per cent to 8,422.26.

However, a gain in stocks of Bajaj Auto, Hero MotoCorp, Hindalco, Sterlite Industries, Jindal Steel and Tata Power saved the market from any major eventuality.
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