Sensex logs worst drop in a month on profit-booking; Re at 61

Wisheret

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posted on 10 years ago — updated on 1 second ago

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The benchmark Sensex on Wednesday logged its worst single-day fall in over a month as it slipped about 208 points to end at 27,057.41 hit by losses in bluechips, including RIL, Infosys and ITC, on sustained profit-booking after the recent rally and weak global cues.

Mumbai: The benchmark Sensex on Wednesday logged its worst single-day fall in over a month as it slipped about 208 points to end at 27,057.41 hit by losses in bluechips, including RIL, Infosys and ITC, on sustained profit-booking after the recent rally and weak global cues.

In addition, the rupee dipped below the 61-mark against the US dollar intra-day on concerns the US may raise interest rates sooner than investors had expected.

The 30-share BSE index remained in negative territory during the session on widespread selling. It slumped to a low of 27,018.11, before ending at 27,057.41, a net loss of 207.91 points, or 0.76 per cent. This is its second straight session of declines after it slipped by 54.53 points Tuesday. On Monday, it had hit record highs as oil price fell and fund inflows picked up pace.

Wednesday's nearly 208-point drop is the biggest fall for Sensex since it lost 259.87 points on August 8, 2014. On similar lines, the National Stock Exchange index Nifty fell below the crucial 8,100 mark and closed 58.85 points, or 0.72 per cent, down at 8,094.10 on Wednesday. It had lost 20.95 points in the previous session.

Select buying in realty and power sector stocks cushioned losses, where as rupee falling to 1-month low and weakening global markets affected sentiments, said equity brokers. Major losers that dragged down the indices include Hero MotoCorp, Infosys, ITC, Coal India, HDFC Ltd, HDFC Bank, BHEL, L&T, Maruti Suzuki, M&M, SBI, Tata Motors, TCS and Wipro. Overall, 22 Sensex stocks declined while 8 ended up.

Sectorwise, the BSE Consumer Durable sector index suffered the most by falling 1.56 per cent, followed by Oil & Gas index 1.49 per cent, FMCG index by 1.48 per cent, IT index by 1.06 per cent and Capital Goods index by 0.99 per cent.

However, broader markets showed rise with BSE Midcap and Smallcap indices ending 0.08 per cent and 0.60 per cent up. Meanwhile, Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 479.40 crores on Tuesday, as per provisional data from the stock exchanges.