The Hindu : Business : Further drop in Sensex

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Wednesday, Jan 14, 2009
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Further drop in Sensex

Better Infosys earnings fail to improve sentiment

MUMBAI: The Bombay Stock Exchange sensitive index (Sensex) failed to come out of the Satyam shock despite better earnings of Infosys and ended with a loss over 38 points at 9071.36 on Tuesday against 9110.05 on Monday.

The Sensex shed nearly 1,050 points in the last two trading sessions after the Satyam fraud came to light.

The 50-share National Stock Exchange index, Nifty, eased by 28.15 points to 2744.95, after hitting a low of 2720.80 and a high of 2802.60.

The key index dipped below the 9000 mark and shuttled between 9261 and 8992.92 during intra-day. The IT sector index gained the most by rising 4.71 per cent at 2147.69 as Infosys added 6.36 per cent. Second-largest software exporter, Wipro rose by 6.05 per cent and Tata Consultancy by 2.16 per cent.

Trading sentiment was partially spooked by a fall in western stock markets and uncertainty over corporate results by bluechip companies.

However, the oil and gas index dropped by 1.78 per cent to 5488.64 as segment major Reliance Industries fell by 1.67 per cent to Rs. 1,080.90 and Reliance Petro by 2.56 per cent to Rs. 76.25.

The bank index fell by 1.17 per cent to 5126.25, metals index by 1.15 per cent to 4854.89, power index by 1.11 per cent to 1696.36, healthcare index by 0.75 per cent to 2822.58, PSU index by 0.73 per cent to 4966.08, capital goods index by 0.65 per cent to 6394.92 and the auto index by 0.16 per cent to 2494.19.

Sharp drop in rupee

The rupee crossed the crucial 49-level on Tuesday and ended at a five-week low of 49.12/14 a dollar against 48.84 on Monday on growing fears of capital outflow.

The domestic currency has lost 86 paise in two days. Oil refiners also bought a good amount of dollars after global oil prices fell to around $37 a barrel in Asian trade. — PTI

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