Below-normal monsoon and swine flue dampen sentiment
MUMBAI: After the big rise, it was a return to the same story at the markets on Friday with the Bombay Stock Exchange Sensex going down by 107 points on profit-booking with concerns about weak monsoon and swine flu dampening sentiment.
A fall in realty, FMCG, IT and auto stocks mainly led the fall while good buying support in refinery and consumer durables shares softened the Sensex slide.
The below-normal monsoon and swine flu continued to daunt market sentiment, a broker said.
In volatile trading, the BSE 30-share barometer swung between 15535.47 and 15367.61 before concluding at 15411.63, a fall of 106.86 points from its previous close. On Thursday, the Sensex closed higher by 498.33 points or 3.32 per cent, a level of gain not seen since May 27.
Firm global cues and Thursday’s upgrade of India’s growth forecast by global rating agency Standard & Poor’s could not stem the fall.
Bonanza Portfolio Assistant Vice-President Avinash Gupta said, “The market shed a few points today [Friday] after fluctuating in a narrow range. There was greater interest in small and mid-cap stocks. Advances and declines were evenly balanced”.
The broader 50-share Nifty of the National Stock Exchange eased by 24.95 points to 4580.05.
After the recent heavy sell-off, foreign institutional investors (FIIs) turned net buyers of equity of Rs. 630.94 crore on August 13 while domestic institutional investors continued their buying spree and they picked up shares worth Rs. 182.85 crore, according to provisional data.
Rupee loses 14 paise
In dull trading at the interbank foreign exchange market on Friday, the rupee fell by 14 paise against the dollar to close at 48.24/25 due to weakness in equity markets amid capital outflows.
The domestic unit opened lower at 48.21/22 against its previous close of 48.10/11 and moved in a narrow range of 48.20 and 48.36.
It later closed at 48.24/25, showing a fall of 14 paise. On Thursday, it moved up by 26 paise. — PTI