Sensex declines 29 pts; Dr Reddy loses 3.55% | business | Hindustan Times
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Sensex declines 29 pts; Dr Reddy loses 3.55%

business Updated: Feb 15, 2013 17:00 IST

The BSE benchmark Sensex on Friday closed 29 points down on selling by funds mainly in oil & gas and IT sector stocks amid dismal earnings by some bluechip companies.

Falling for the second straight day, the index closed 29.03 points lower, or 0.15%, to 19,468.15, led by Reliance Industries, Infosys and Dr Reddy.

The index had lost 111 points in the previous session.

Similarly, the wide-based National Stock Exchange index Nifty fell by 9.55 points, or 0.16%, to 5,887.40.

Brokers said the Sensex limping down and hovered around year's lowest levels as funds booked profits on steady inflow of dismal quarter earnings by leading companies.

They said a weak Asian trend and lower opening in Europe before the outcome of finance minister of G-20 meeting to sort out a solution to revive slowing economic growth also dampened the sentiments here.

Dr Reddy Lab, DLF Ltd and Bajaj Auto declined after they posted third-quarter earnings below market expectations. Dr Reddy lost 3.55% to Rs. 1,811.50, DLF by 2.03% to Rs. 248.80, Maruti Suzuki by 0.81% to Rs. 1,472.75 and Bajaj Auto by 1.41% to Rs 1,974.

The two most heavy on the benchmark with their 16% weightage Reliance Industries and Infosys dropped by 1.20% to Rs. 844.85 and by 0.99% to Rs. 2,785.20, respectively.

Sentiment also dampened ever since the Central Statistics Office reduced the economic growth outlook to lowest in a decade at 5% from and reports of fall in industrial production in December, they added.

The oil and gas sector index fell the most by 0.83% to 8,928.35 followed by IT index by 0.58% to 6,477.68. Healthcare index lost 0.30% to 7,899.28 and Teck index by 0.27% to 3,778.69.