Sensex falls over 122 points at midsession
The Sensex revealed a loss of 122.76 points at 9,079.09 on selling by funds in blue-chips led by Reliance Industries on increased concerns that the economic slowdown will be prolonged.business Updated: Feb 05, 2009 13:01 IST
Snapping a three-day rising streak, the Bombay Stock Exchange benchmark Sensex fell by over 122 points at midsession on Thursday on selling by funds in blue-chips led by Reliance Industries on increased concerns that the economic slowdown will be prolonged.
The Sensex, which commenced the day higher, fell and revealed a loss of 122.76 points at 9,079.09 at 1230 hrs as RIL, which has the heaviest weight in the index, fell 1.83 per cent and HDFC, a biggest mortgage provider, lost 2.36 per cent.
The 50-share National Stock Exchange index Nifty fell by 28.95 points at 2,774.10 at the same time.
However, the falling trend was checked as metal stocks gained on expectations that demand for metal might rebound as customers use up inventories.
Tata Steel, a biggest producer of the alloy, and JSW Steel, the third-largest, climbed on expectations that demand for the metal may rebound.