Sensex drops 73 pts on lower growth projection
The BSE benchmark Sensex today closed 73 points lower on profit-selling triggered by lower growth projection by the government for the current fiscal amid a weak trend in the European region.business Updated: Dec 17, 2012 16:45 IST
The BSE benchmark Sensex on Monday closed 73 points lower on profit-selling triggered by lower growth projection by the government for the current fiscal amid a weak trend in the European region.
The 30-stock index fell by 72.83 points, or 0.38%, to 19,244.42. Shares of software exporters were the worst hit.
The broad-based National Stock Exchange index Nifty fell by 21.70 points, or 0.37%, to 45,857.90.
Brokers said trading sentiment dampened after the government lowered the growth projection for the current financial year to 5.7-5.9% from 7.6% estimated earlier.
They said a weak trend in the European region further influenced the market, mainly placing the software exporting companies lower which get over 50% of their revenue from business partners in Europe and the US.
Investors remained cautious and refrained from enlarging any fresh positions before the Reserve Bank of India quarterly policy meeting tomorrow on interest rate cut, they added.
In 30-BSE index components, 14 stocks declined led by Reliance Industries, Infosys, TCS, HDFC Ltd, HDFC Bank and Bharti Airtel.