Sensex declines 29 pts; Dr Reddy loses 3.55 pc

The BSE benchmark Sensex today closed 29 points down on selling by funds mainly in oil & gas and IT sector stocks amid dismal earnings by some bluechip companies.

Falling for the second straight day, the index closed 29.03 points lower, or 0.15 per cent, to 19,468.15, led by Reliance Industries, Infosys and Dr Reddy.

The index had lost 111 points in the previous session. Similarly, the wide-based National Stock Exchange index Nifty fell by 9.55 points, or 0.16 per cent, to 5,887.40.

Brokers said the Sensex limping down and hovered around year's lowest levels as funds booked profits on steady inflow of dismal quarter earnings by leading companies.

They said a weak Asian trend and lower opening in Europe before the outcome of finance minister of G-20 meeting to sort out a solution to revive slowing economic growth also dampened the sentiments here.

Dr Reddy Lab, DLF Ltd and Bajaj Auto declined after they posted third-quarter earnings below market expectations. Dr Reddy lost 3.55 per cent to Rs 1,811.50, DLF by 2.03 per cent to Rs 248.80, Maruti Suzuki by 0.81 per cent to Rs 1,472.75 and Bajaj Auto by 1.41 per cent to Rs 1,974.

The two most heavy on the benchmark with their 16 per cent weightage Reliance Industries and Infosys dropped by 1.20 per cent to Rs 844.85 and by 0.99 per cent to Rs 2,785.20, respectively.

Sentiment also dampened ever since the Central Statistics Office reduced the economic growth outlook to lowest in a decade at 5 per cent from and reports of fall in industrial production in December, they added.

The oil and gas sector index fell the most by 0.83 per cent to 8,928.35 followed by IT index by 0.58 per cent to 6,477.68. Healthcare index lost 0.30 per cent to 7,899.28 and Teck index by 0.27 per cent to 3,778.69.