Sensex sheds 256 points; rupee slips



Mumbai: The S&P BSE benchmark Sensex snapped its three-day gaining spree tumbling by 256 points on hectic profit-booking from operators mainly in banking, refinery, IT and capital goods sectors triggered by weak global advices despite persistent capital inflows.

Overall, 26 scirps out of the 30-share Sensex pack ended lower while others finished higher. Sharp fall heavyweights like ICICI Bank, RIL, Infosys and HDFC Bank together contributed over 100 points to the sensex fall.

Other heavyweights like L&T, HDFC, ITC, Bharti Air, HUL, Tata Motors and SBI also suffered losses.  The Sensex resumed lower at 20,857.01 and moved down further to 20,579.94 before ending at 20,635.13, disclosing a loss of 255.69 points or 1.22 per cent. It had gained by 696.42 points or 3.45 per cent in the last three trading sessions.

The NSE 50-share Nifty also fell by 80.45 points or 1.30 per cent to finish at 6,122.90.        Barring S&P sectoral BSE-Metal, which firmed up by 0.16 per cent other indices like BSE-Bank, BSE-CD, BSE-Auto, BSE-Teck, BSE-CG and BSE-Refinery dropped by 1.76 per cent to 1.15 per cent.

Meanwhile, Oil Minister M. Verappa Moily yesterday said that diesel prices will be deregulated in six months with gradual price increases.  Asian shares ended narrowly mixed as investors adopt a cautious stance ahead of the Fed meeting minutes, possibly providing clues to the timing of its plan to slow monetary stimulus to the United States economy.

Currency drops
In line with Indian equities, the rupee also broke its straight four-day of rally and declined by 21 paise to close at 62.57 against the Greenback. Fresh dollar demand from importers, mainly oil refiners, firm US dollar overseas and continued foreign funds inflow in local stocks too aided the rupee sentiment.

At the Interbank Foreign Exchange (Forex) market, the domestic unit resumed higher at 62.25 a dollar from previous close of 62.36 and immediately touched a high of 62.24.

Later, it met with strong resistance in line with fall in equities and dropped to a low of 62.68 before recovering some ground to settle at 62.57, still revealing a fall of 21 paise or 0.34 per cent.

The rupee had appreciated by 135 paise or 2.12 per cent in the past four sessions.

The dollar index, an indicator of other six major global rivals, was up by 0.12 per cent ahead of announcement of some key data.

Pramit Brahmbhatt, CEO of Alpari Financial Services, (India) said, "Today rupee traded weak against the dollar taking cues from local equities.

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