Sensex falls for 8th day, down 153pts on weak Re, poor results
The S&P BSE Sensex today ended 153 points lower, extending its losing run to eighth straight session, on heavy selling in metals, power and PSUs shares, amid the rupee again breaching the 61-mark against the dollar.
The Sensex, which had lost 986 points in last seven days, fell further by 153.17 points, or 0.79 per cent to 19,164.02. The eight day losing streak is the blue-chip index's longest in four months. On a weekly basis, Sensex was down 3 per cent.
Besides rupee weakness and FII selling, steady inflow of weak earnings by some major companies also dampened sentiment.
The broad-based National Stock Exchange index Nifty fell by 49.95 points, or 0.87 per cent to 5,677.90. Also, SX40 index, the flagship index of MCX-SX, closed at 11418.73, down 107.86 points or 0.94 per cent.
The market remained under pressure after Goldman Sachs downgraded Indian stocks to 'underweight' yesterday. State-run banks continued recent falls on NPA concerns and Bank of America-Merrill Lynch downgraded some PSU banks.
Metal stocks were major losers led by Jindal Steel and power on reports of slowing economic growth in China, the biggest user. Jindal Steel dropped by 7.29 per cent to Rs 186.90 and Sterlite Industries by 3.92 per cent to Rs 72.30.
For the second day running, Financial Technologies plunged by 21.12 per cent and MCX by 20 per cent amid troubles at National Spot Exchange Ltd (NSEL).
"... factors like selling from FIIs, weaker Rupee and not so impressive quarter 1 FY14 results have led to investors exiting their long positions," said Rakesh Goyal-Senior Vice President,Bonanza Portfolio.
Power Grid Corporation plunged by 11.56 per cent to Rs 91.05 after saying it would sell new shares to raise funds.
The realty sector index suffered the most by losing 4.01 per cent to 1,213.70, followed by power index by 3.77 per cent to 1,418.43. Metal index dropped 3.65 per cent to 6,509.56 and capital goods index by 1.55 per cent to 8,012.35.
In 30-BSE index components, 24 stocks declined while six ended higher.