Markets end in red, Sensex down 139 points
The 30-share Sensex closed at 13,330.51, a loss of 139 points after pressure emerged in IT and banking sectors.business Updated: Jul 14, 2008 16:54 IST
Continuing its downward trend for the third day in a row, the Bombay Stock Exchange benchmark Sensex closed the day lower by over 139 points on sustained selling by funds amid weak global cues and political uncertainty on domestic front.
The 30-share Sensex on alternate bouts of selling and buying closed the day at 13,330.51, a loss of 139.34 points, after pressure emerged in IT and banking sectors.
However, a major fall was averted as oil and refinery, metal and PSU counters attracted good buying and closed higher.
The wide-based National Stock Exchange index Nifty dwindled between 4,118.10 and 4,004.25 and ended lower by 9.30 points at 4,039.70.
As the selling pressure gathered momentum, 15 Sensex scrips closed with losses while the other 15 ended in positive terrain in the 30-share benchmark index. Infosys Technologies and Ranbaxy Labortaries suffered the most.
IT sector index was the major loser and fell 232.04 points at 3,675.59, with the sectoral and Sensex heaviest Infosys Technologies plunging Rs 120.35 at Rs 1,556.10.
The second-largest software services provider fell after Morgan Stanley cut the stock's rating on concern that demand from US customers may slow.
HCL Technologies dropped Rs 13.90 to Rs 225.15. The computer services provider said its foreign exchange losses may total 77 million dollar in the year ended June 30. Satyam Computers fell by Rs 35.20 at Rs 409.25 and Wipro by Rs 7.90 at Rs 404.40.