Sensex records big loss, sheds 208.37 pts
The Sensex fell for the third day on Monday on concerns that the appreciation of the Rupee.Updated: Jan 08, 2007 16:51 IST
The BSE benchmark Sensex registered this year's biggest fall by shedding 208.37 points at 13,652.15 on Monday as most stocks led by software and metal companies closed with heavy losses.
The Sensex fell for the third day on Monday on concerns that the appreciation of the Rupee and a possible slowdown in the US, might hurt earnings of software exporters led by index heavyweight Infosys Technologies.
Similarly, the wide-based National Stock Exchange index, Nifty, dropped by 50 points at 3933.40, after touching an intra-day low of 3913 points.
The Rupee appreciated 3.6 per cent against the dollar in the last three months, its biggest quarterly gain in two years. Costly Rupee makes sales of software makers less valuable when foreign revenue is exchanged for local currency.
Indian software makers get about 60 per cent of their sales from the US, its biggest market.
Metal stocks were other major losers after reports of weak conditions developing on the global metal market - the London Metal Exchange.
While the metal index suffered the most by 165.32 points at 8814.53, the IT index lost 138.83 points at 5204.88.