Sensex falls for seventh day to close lowest in 2013
The BSE benchmark Sensex today lost over 95 points on fag-end selling by investors concerned over economic growth and lower earnings by blue-chip stocks amid a weak Asian cues.business Updated: Feb 08, 2013 17:26 IST
The BSE benchmark Sensex on Friday lost over 95 points on fag-end selling by investors concerned over economic growth and lower earnings by blue-chip stocks amid a weak Asian cues.
In a seven straight day of losses, the Sensex fell by 95.55 points, or 0.49% to 19.484.77 on heavy selling in last 30-minute of trade. This was the longest losing streak of the index since November 2011. The gauge had dropped 425 points in last six sessions.
Similarly, the National Stock Exchange index Nifty fell by 35.30 points, or 0.59%, to 5,903.50 led by stocks of metal, realty and auto sectors.
Brokers said the investors remained cautious on lower gross domestic product projections and ahead of the inflation data next week.
As per the advance estimates of the CSO, which was released yesterday, the GDP growth rate for the current fiscal is estimated to be at 5%, the lowest in a decade. The economy grew by 6.2% in 2011-12 fiscal.
Brokers added that weak quarter earnings by Hindalco and Canara Bank in continuation to Cipla on Thursday further dampened the market sentiment.
Hindalco Industries on Friday reported nearly 4% decline in standalone net profit at Rs 433.52 crore for the third quarter ended December 31, on subdued sales and sharp increase in finance costs.
Shares of Hindalco closed at Rs 109.75 apiece, down 3.18% from its previous close on the BSE.
The cement sector stocks remained under pressure on fears of falling realty sector might hurt the product demand and hurt quarter earnings, they added.
ACC stocks fell 3.04% to Rs 1,304.45, Ambuja Cement by 5.10% to Rs 189.85, Madras Cement by 0.08% to Rs 237.10, Shree Ultratech by 1.96% to Rs 1,884 and Gujarat Sidhi Cement by 1.93% to Rs 9.15.
In 30-BSE index components, 21 stocks declined led by Reliance Industries, Hindalco, Cipla, State Bank of India, ICICI Bank, Coal India, Hero Motocorp and Jindal Steel.
However, a surge in Tata Consultancy Services on hopes of better earnings on firming European trend saved the market from any major fall. TCS stocks rose by 2.58% to Rs 1,423.25 and Wipro by 1.57% to Rs 411.45.