BUSINESS

Sensex continues to slide

MUMBAI: The markets ended their fifth consecutive choppy session on Monday on sustained weakness in the global markets amid heavy selling by foreign funds in the realty and auto counters, pulling down the Bombay Stock Exchange benchmark Sensex by another 79 points.

The BSE barometer, after opening 115 points down, touched a low of 16705.56, but gradually recovered on buying support in some key shares and turned positive in late mid-session. But last hour profit booking pulled the index down to settle at 16780.46, a loss of 79.22 points. Dealers attributed high volatility to the market holiday on Tuesday due to Republic Day and the forthcoming expiry of January contracts on Thursday, besides the continuing sluggishness in world equities and rate hike worries.

The 50-share Nifty of the National Stock Exchange shed another 28.10 points to close at 5007.90. After realty and auto indices, the next worst hit sectors are the metals, IT and banking counters.

Rupee recovers

The rupee recovered from early losses to gain on Monday as the dollar weakened against other major currencies, snapping a four-day fall despite another drop in the stock market and customary month-end dollar buying by refiners.

The rupee ended at 46.1250/1350 a dollar, rising from an intra-day low of 46.2525 to end a touch stronger than Friday’s 46.15/16. The rupee fell to 46.2750 during Friday trade, its lowest since January 5.

The market will remain closed on Tuesday for Republic Day.

“The rising euro pushed the rupee stronger,” said a senior trader with a private bank, adding that Wednesday’s opening tone would likely be dictated by the dollar’s moves. — PTI

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