Sensex tanks 228 to 5-mth low on foreign funds outflow

The benchmark Sensex of the Bombay Stock Exchange fell by 288 points, or 1.5%, to close at near five-month low of 18,395.9 on Friday, on the back of a strong net outflow of Rs1,397 crore by foreign institutional investors.
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Updated on Jan 28, 2011 09:36 PM IST
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Hindustan Times | By, Mumbai

The benchmark Sensex of the Bombay Stock Exchange fell by 288 points, or 1.5%, to close at near five-month low of 18,395.9 on Friday, on the back of a strong net outflow of Rs1,397 crore by foreign institutional investors.

The Sensex has fallen 2,113 points, or 10.3%, in January and FIIs have pulled out a total of Rs4,220 crore from the market.

The Nifty of the National Stock Exchange fell below the psychological mark of 5,600 and closed at 5,512 on Friday.

As concerns over rising inflation and interest rates hit the market, interest-sensitive sectors such as real estate, consumer durable and automobiles emerged as the biggest losers on the BSE. The BSE realty index fell by 5%,while consumer durables and automobile fell by 3.9% and 3.6% respectively.

While DLF fell by 7%, Mahindra and Mahindra dropped by 4.9% for the second-straight trading session.

"The macroeconomic story of India has gone weak as a result of prolonged inflation, rise in commodity prices and issues of governance and corruption," said Aseem Dhru, CEO, HDFC Securities.

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