Losing streak continues in mkts; Sensex down 115 pts
The BSE benchmark Sensex closed 115 points down as investors sold IT stocks on worries that an interest rate hike by the RBI amid deepening Euro debt crisis might derail the global economic recovery.business Updated: Jun 17, 2011 17:14 IST
The BSE benchmark Sensex closed 115 points down as investors sold IT stocks on worries that an interest rate hike by the RBI amid deepening Euro debt crisis might derail the global economic recovery.
A weak trend in Asia and lower opening in Europe further influenced the market sentiment. The Bombay Stock Exchange index Sensex, which had lost 323 points in the last two sessions, rolled down by 115.35 points to 17,870.53.
It was trading in the range of 18,064.76 and 17,844.09 points during the day. Broad-based National Stock Exchange index Nifty fell by 30.35 points to 5,366.40 as software exporting and refinery stocks suffered heavy losses.
On the 30-share Sensex, the leading scrips Reliance Industries (RIL) and Infosys dropped by Rs 19.60 to Rs 868.40 and Rs 36.15 to Rs 2,764.40, respectively. The IT sector index on the BSE suffered the most, losing 1.94 % to 5,818.66 on worries of a slowdown in economic recovery in the US and the Europe from where the software exporters derive about 60 % of their revenue.
Oil and gas index followed next; it tanked by 1.56 % to 8,974.97. Healthcare index lost 1.29 % to 6,294.82 and auto sector by 1.07 % to 8,463.99.