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Sensex slips 89 pts on subdued cues from Asian peers; Infosys shares fall 4%

Sensex slips 89 pts

The BSE Sensex fell by 89.35 points to a low of 35,556.05 points during late-morning trade on Thursday.

The BSE Sensex fell by 89.35 points to a low of 35,556.05 points during late-morning trade on Thursday.

The BSE Sensex fell by 89.35 points to a low of 35,556.05 points during late-morning trade on Thursday following subdued Asian markets. The Nifty of the National Stock Exchange fell by 28 points to a low of 10,741.45 points. Market observers said that along with subdued global cues, a weak rupee and heavy selling in index heavyweights Infosys, Tata Motors, Vedanta, Tata Steel Bharti Airtel — which fell more than 1% on the Sensex — dented investors’ risk-taking appetite.

 

Around 10.50 am, the Sensex was trading 59.45 points, or 0.17%, lower at 35,585.95 points. The Nifty traded at 10,749.20 points, down 20.70 points or 0.19%. The Bank Nifty index was trading higher by 0.27 points. Among the sectoral indices on the BSE, consumer durables, metals and IT indices lost the most. The S&P BSE consumer durables index dropped 524.72 points, IT index fell 255.67 points and the metal index slipped by 220.11 points.

 

Infosys (-3.94%), Tata Motors (-2.51%), Vedanta (-2.48%) and Tata Steel (-2%) stocks were among the major losers on the Sensex in late-morning trade on Thursday. Shares of Bharti Airtel, Power Grid and Coal India lost over 1% each. Out of 2,195 companies trading on the BSE, 1,136 declined as against 953 advances indicating a bearish sentiment in the equity markets.

 

The Indian rupee slipped by 12 paise in early trade on Thursday on the back of increased demand for the US dollar along with concerns on heightened inflation after MSP hike for kharif crops by the government. In early trade, the rupee fell by 12 paise to a low of 68.86 against the greenback.

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