Extending its losing streak for the fourth day, the BSE benchmark Sensex today fell by 140 points as investors booked profits, particularly in IT stocks on concerns over strengthening rupee.
The Bombay Stock Exchange barometer shed 139.73 points to close at 19,451.45 points. The 30-share index had lost 111 points in the previous three sessions.
Similarly, the broad-based National Stock Exchange index Nifty lost 43.70 points to 5,842, after hitting the day’s low of 5,822 and a high of 5,926.95.
Brokers said investors were booking profits after rally in the last month. The index had gained over 9 per cent in March month.
They said the selling was more confined to software exporting companies as rupee strengthened against the U.S. dollar. IT companies get maximum business from abroad and appreciation in the rupee dent their earnings.
The rupee was trading at five-and-a-half month high of Rs. 43.98 per dollar as foreign funds increased holdings of the country’s shares to benefit from its economic growth.
Besides, realty, auto, consumer durable and refinery stocks were notably lower on profit booking.
Tata Consultancy Services, the largest software exporter, declined for third day losing Rs. 4.50 to Rs. 1,194.90. The second largest Infosys dropped by Rs. 20.50 to Rs. 3,226.95 and Wipro by Rs. 6.30 to Rs. 465.45.
As the selling spilled over a wide-front, the smallcap stock index lost 1.40 per cent to 8,772.55 and midcap index by 1.25 per cent to 7,173.50.
