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HindustanTimes Tue,02 Sep 2014

Sensex at 7-month low, dips 211 pts

HT Correspondent, Hindustan Times  Mumbai, April 09, 2013
First Published: 09:43 IST(9/4/2013) | Last Updated: 23:25 IST(9/4/2013)

Stocks plunged to fresh seven-month lows on Tuesday with infotech shares losing ground on concerns of lacklustre earnings reports this month, while frustrations over unresolved macroeconomic issues loomed over the larger Indian economy.

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While the Sensex ended down 211 points, or 1.2%, to 18,227, the broader NSE Nifty fell 48 points, or 0.9%, to 5,495. The Sensex has now lost 815 points, or 4.3% in the last five trading sessions.

Both the Sensex and Nifty are now at their lowest closing levels since September 13, 2012, when the government kickstarted a round of reforms. But high interest rates, unrelenting inflation and a high current account deficit are the new worries while election year concerns on politics have cast a new pall of mist on the market mood.

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"The Sensex may stabilise at 500 points down and then rise in a month or so," said Deven Choksey, managing director, KR Choksey Shares & Securities. "Markets will move up if the government acts on commitments it has made in terms of fuel-supply agreements, power tariffs, removing infrastructure hurdles etc."

The BSE IT index, which lost 2%, was the hardest hit, mainly due to a 12% fall in Wipro shares.


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