Sensex closes at 9 week low
The Bombay Stock Exchange benchmark Sensex today fell by 165 points to a nine week low on heavy selling, mainly in realty and IT stocks, on profit earning concerns amid weak global trend.business Updated: May 25, 2011 17:15 IST
The Bombay Stock Exchange benchmark Sensex on Wednesday fell by 165 points to a nine week low on heavy selling, mainly in realty and IT stocks, on profit earning concerns amid weak global trend.
The 30-share index tumbled by 164.73 points to 17,847.24 points, a level last seen on March 21.
The gauge has lost nearly 13% this year.
The broad based National Stock Exchange index Nifty fell by 45.90 points to 5,348.95 points, after touching the day's low of 5,328.70.
Selling pressure gathered momentum after the index linked and largest developer DLF Ltd plunged to a two year low on poor Q4 earnings. DLF shares lost 4.04% to end the day at Rs 210.10 after the company posted a 19% drop in Q4 net profit on higher land and construction costs.
Investors also off loaded their positions ahead of the monthly settlement in the derivatives segment on Thursday amid reports of a weakening trend in global markets.
Asian stocks declined and European stocks opened lower on the region's deepening sovereign debt crisis.
The index's heaviest Reliance Industries fell by 0.92% to Rs 906.80. The second heaviest Infosys Technologies declined by 1.76% to Rs 2,795 after the company received a notice from a US court, seeking documents related to the company's use of B1 business visas.
Tata Consultancy Services fell by 2.09% to Rs 1,127.55 and Wipro by 0.93% to Rs 435.35. The software exporters get at least 60% of their sales from abroad.