News Column

ITC leads Sensex decline

June 23, 2014

Agencies



Mumbai: The BSE Sensex and Nifty fell for a fourth straight session yesterday, marking their lowest close in two-and-a-half weeks as ITC slumped the most in ten months on tax worries, while concerns over high oil prices feeding inflation continued to weigh.



Also, overseas investors sold shares worth 2.20 billion rupees ($36.85 million) on Friday, provisional exchange data showed.



Investors also turned cautious ahead of the new government's budget on July 10, which will hold details of the borrowing plan for 2014/15.



"There is an uncertainty and people are waiting for budget for clarity on major policy issues. However, market is optimistic and is expecting some real good measures. That is why we are not seeing any heavy selling," said Suresh Parmar, head, institutional equities at KJMC.



Capital Markets

The Sensex lost 0.3 percent, or 74.19 points, to end at 25,031.32.



The Nifty fell 0.24 per cent, or 18.10 points, to end at 7,493.35, closing below the psychologically important 7,500 level.



Both indexes marked their lowest close since June 5.



India's biggest cigarette manufacturer ITC slumped 6.2 per cent, its biggest single-day fall since September 3, 2013, on a media report that government may raise taxes on cigarettes aggressively in the upcoming budget, dealers said.


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Source: Times of Oman