Sensex sheds 323 pts; ignores industrial production cues
Sensex, which has lost over 620 points in the last three trading sessions, dropped by 323.48 points at 14,000.81.Updated: Sep 12, 2008 17:04 IST
The Bombay Stock Exchange benchmark Sensex fell for the fourth straight session on Friday, losing over 323 points on selling by funds, even as industrial production showed signs of recovery.
The 30-share Sensex, which has lost over 620 points in the last three trading sessions, dropped by 323.48 points at 14,000.81. The shares touched an intra-day high of 14,433.20 points and low of 13,933.87 points.
Similarly, the wide-based National Stock Exchange index Nifty fell by 61.85 points at 4,228.45.
After a promising start, the market turned bearish, ignoring a modest growth of 7.1 per cent in the Index of Industrial Production (IIP) in July.
Although rupee depreciated against the greeback, which will result in better margins for exporters, IT stocks fell following negative forecast of earnings. The IT index fell sharply by 4.60 per cent at 3806.74 points after Infosys Lost Rs 106.90 at Rs 1644.10, Satyam Computers Rs 14.60 at Rs 406.55, Tata Consultancy Rs 27.95 at Rs 808.15 and Wipro Rs 7.15 at Rs 419.75.
Indian software exporters get over 50 per cent of their revenue from the US markets.
Oil and Gas sector index dropped 223.30 points at 9116.44 with the sector leader and Sensex heaviest Reliance Industries dropped Rs 6,620 at Rs 1,931.40. Aban Offshore lost Rs 16 at Rs 2306.20, ONGC by Rs 12.65 at Rs 1,022.80 and RNRL by Rs 3.35 at Rs 87.95.
Banking index fell by 181.44 points at 7,029.22, after Sensex-linked ICICI Bank fell 33.60 at Rs 652.85, State Bank of India by Rs 26.15 at Rs 1512.30, Axis Bank Rs 11.20 at Rs 692.70, Yes Bank by rs 5.95 at Rs 134.30 and Oriental Bank of Commerce Rs 8.65 at Rs 173.
Realty index fell by 182.11 points at 4693.72 as segment majors DLF Ltd fell Rs 17.65 at Rs 467.90, Akruti City by Rs 42.75 at Rs 826.05, Sobha Developers by Rs 12.45 at Rs 260.40 and Unitech Rs 3.25 at Rs 155.15.
Metal index fell by 110.37 at 10,881.42 after Tata Steel fell Rs 2.85 at Rs 523.45, Jindal Steel Rs 66.55 at Rs 1586.15 and Jindal Saw Rs 4.80 at Rs 619.65.
Capital goods index fell 104.42 at Rs 11,836.58, PSU index by 48.75 points at 6691.60, consumer durable by 47.18 points at 3575.28, power sector index by 29.81 points at 2546.53, healthcare index by 12.93 points at 4169.30, auto index 9.61 points at 3,851.83, FMCG index 5.19 points at 2206.29 and Teck index by 90.57 points at 2954.83.
With the falling trend, midcap index fell by 110.06 points at 5537.14 while smallcap index 107.39 points at 6711.54.