Sensex touches its lowest level since july
Mumbai: The BSE Sensex fell on Wednesday for a fourth straight session to mark its longest losing streak since mid-July. Blue chips such as Infosys also reeled as broader sentiment remained weak ahead of the expiry of August derivative contracts on Thursday and April-June economic growth data on Friday.
The BSE Sensex fell 0.8 per cent, or 141 points to 17,490.81 points, its biggest daily percentage fall since July 26.
The index has matched the four-day losing streak in July 11-16, although the BSE is down two per cent during this period compared to the 2.9 per cent fall during that streak last month.
The Nifty declined 0.88 per cent to 5,287.80, to close below the psychological level of 5,300 for the first time since August 6.
ONGC fell two per cent after Morgan Stanley downgraded the stock to ‘equalweight’, citing potential downward revisions to domestic crude oil volumes for fiscal 2014 and uncertainty on international production.
Jaiprakash Associates fell 9.2 per cent on Wednesday, its single biggest daily fall since September 22, 2011. Concerns about net debt levels increased a day after the cement maker raised $150 million in foreign currency convertible bonds, in part, to redeem prior debt.
Infosys fell 1.4 per cent after Deutsche Bank warned the software services exporter has not seen any changes to its near-term business outlook, citing a conversation with company CFO V Balakrishnan.
Other blue chips fell on worries India will post weaker-than-expected economic growth data on Friday. Reliance Industries fell one per cent, while Housing Development Finance Corp lost 1.1 per cent.
However, Wipro rose 0.1 per cent after HSBC upgraded the stock to ‘overweight’ from ‘neutral’, saying the software services exporter was ‘competing effectively’ for large deals, and adding the company is well positioned to improve sales after its extensive restructuring.
