Benchmark indices face first weekly decline, steepest in 20 weeks
Sensex and Nifty faced their first weekly decline after four weeks of gains on Friday. The Sensex dropped to a low of 72,485 while the NSE Nifty 50 dipped to a low of 21,932.
The benchmark BSE Sensex declined by about 80 points in early session today, in tandem with weak global cues amid rupee’s plunge below the 66 mark.
Besides, the release of the minutes of last Monetary Policy Committee (MPC) meeting on 4-5 April, indicating the Reserve Bank of India may shift to a hawkish monetary stance in June, weighed on investor sentiment.
The 30-share index, which had gained 95.61 points in yesterday’s session, was quoting lower by 79.95 points, or 0.23 per cent, at 34,347.34, with metal, banking, realty, FMCG, power and PSU stocks leading the fall.
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Similarly, the NSE Nifty fell 25.20 points, or 0.24 per cent, to 10,540.10.
Brokers said, besides continued capital outflows by foreign funds, profit-booking in recent gainers, rupee’s fall below the 66-mark against the dollar and higher global crude oil prices, hurt trading sentiments.
Bucking the trend, shares of the country’s largest software exporter TCS climbed 3.81 per cent, to Rs 3,312.30 after the company yesterday reported a 4.4 per cent growth in its consolidated net profit at Rs 6,904 crore for the March 2018 quarter and its board recommended a 1:1 bonus share issue.
Laggards were Tata Steel, Asian Paint, ITC, SBI, Axis Bank, HDFC, Sun Pharma, Yes Bank, IndusInd Bank, Power Grid, Bajaj Auto, Hero MotoCorp, M&M and RIL, falling by up to 1.39 per cent.
Meanwhile, foreign funds sold shares worth Rs 624.99 crore in yesterday’s trade, provisional data showed.
Globally, Hong Kong’s Hang Seng fell 0.18 per cent, while Shanghai Composite Index shed 0.73 per cent in early trade today. Japan’s Nikkei, however, rose 0.14 per cent.
The US Dow Jones Industrial Average had ended 0.34 per cent lower in yesterday’s trade.
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