News Column

Sensex, rupee close lower

July 14, 2014

Agencies



Mumbai: The S&P BSE Sensex extended losses for the fifth consecutive day by slipping another 17 points to finish at 25,006.98 due to persistent selling pressure mainly in Consumer Durable, IT, Teck and Realty sectors in view of fresh foreign capital outflows.



Meanwhile, inflation dipped to 5.43 per cent in June as against 6.01 per cent in May mainly on account of decline in prices of food items and vegetables with the exception of potato and onion.



IT major Infosys ended lower by 2.97 per cent as the company's consolidated net profit as per International Financial Reporting Standards (IFRS) fell 3.5 per cent in first quarter June 2014 over fourth quarter March 2014.



The Sensex resumed opened higher at 25,093.16 and moved up further to 25,095.76. But later declined immediately to 24,892.00 before settling at 25,006.98, showing a marginal loss of 17.37 points or 0.07 per cent from its last weekend's level.



The NSE 50-share Nifty also eased by 5.45 points or 0.07 per cent to end at 7,454.15.  However, Asian markets ended higher as euro zone banking jitters faded. Key benchmark indices in South Korea, China, Taiwan, Hong Kong and Japan rose by 0.26 per cent to 0.96 per cent while Singapore fell by 0.14 per cent.



European markets were trading higher in their early trade as key benchmark indices in France, UK and Germany rose by 0.55 per cent to 0.70 per cent.



Jignesh Chaudhary, Head of Research, Veracity Broking Services said," After losing for four consecutive days, today local equity market traded range bound to slightly weak. The WPI inflation data to its four month low of 5.43 per cent in the month of June from 6.01 per cent last month, which boosted the local equities, however FIIs continued to be on the selling side which dented local markets to trade weak".



As many as 17 scrips from the sensex pack ended lower while 13 others finshed higher.



Market breadth remained negative as 1,690 stocks ended with lower, 1,126 stocks finished with gains while 111 ruled steady.



Rupee drops

India's rupee fell, extending its retreat from a one-week high, on speculation companies stepped up dollar purchases to meet import payments.



The currency weakened 0.2 per cent to 60.0750 per dollar at the close in Mumbai, according to prices from local banks compiled by Bloomberg. It touched 59.5750 on July 10, the strongest level since July 3. The S&P BSE Sensex of local shares dropped 0.1 percent, taking its losses in the past week to more than four per cent.



"Continuing dollar demand from importers is reflecting on the rupee," said Naveen Raghuvanshi, a Mumbai-based currency trader at DCB Bank. "Equities are also not showing any signs of a major revival."



The pace of wholesale-price gains fell to a four-month low of 5.43 per cent in June from 6.01 per cent in May, a government report showed on Monday.




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Source: Times of Oman


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