Friday, August 2, 2013

Sensex falls for 8th day, down 153 points on weak Re, poor results

Mumbai:02 Aug 2013,

The Sensex, which had lost 986 points in last seven days, fell further by 153.17 points, or 0.79 percent to 19,164.02. The eight day losing streak is the blue-chip index\'s longest in four months. On a weekly basis, Sensex was down 3 percent.

Besides rupee weakness and FII selling, steady inflow of weak earnings by some major companies also dampened sentiment. The broad-based National Stock Exchange index Nifty fell by 49.95 points, or 0.87 percent to 5,677.90. Also, SX40 index, the flagship index of MCX-SX, closed at 11418.73, down 107.86 points or 0.94 percent.

The market remained under pressure after Goldman Sachs downgraded Indian stocks to \'underweight\' yesterday. State-run banks continued recent falls on NPA concerns and Bank of America-Merrill Lynch downgraded some PSU banks.

Metal stocks were major losers led by Jindal Steel and power on reports of slowing economic growth in China, the biggest user. Jindal Steel dropped by 7.29 percent to Rs 186.90 and Sterlite Industries by 3.92 percent to Rs 72.30.

For the second day running, Financial Technologies plunged by 21.12 percent and MCX by 20 percent amid troubles at National Spot Exchange Ltd (NSEL).

\"Factors like selling from FIIs, weaker Rupee and not so impressive quarter 1 FY14 results have led to investors exiting their long positions,\" said Rakesh Goyal-Senior Vice President,Bonanza Portfolio.

Power Grid Corporation plunged by 11.56 percent to Rs 91.05 after saying it would sell new shares to raise funds. The realty sector index suffered the most by losing 4.01 percent to 1,213.70, followed by power index by 3.77 percent to 1,418.43. Metal index dropped 3.65 percent to 6,509.56 and capital goods index by 1.55 percent to 8,012.35. In 30-BSE index components, 24 stocks declined while six ended higher.

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