Sensex continues to decline, drops 71 points

Mumbai, Jan 3 – The benchmark S&P BSE sensex dropped further by 71 points in morning trade today on selling pressure in capital goods, metal and power counters coupled with lower Asian shares and overnight decline in US stocks.

 

However, shares in IT and teck sectors firmed up due to fall in the rupee value against the dollar.

 

The BSE-30 share index, sensex, resumed lower at 20,819.58 and hovered in a range of 20,856.53-20,763.43 before quoting at 20,817.41 points at 1030 hours.

 

It showed a loss of 70.92 points, or 0.34 per cent from its last close.

 

The NSE 50-share barometer Nifty also moved down by 20.90 points, or 0.34%, to 6,200.25 at 1030 hours.

 

Major losers were – Tata Power 4.12%, Tata Motors 2.30%, M&M 2.20%, Larsen 1.91%, ICICI bank 1.86%, BHEL 1.71%, Hindalco 1.53% and Coal India 1.12%.

 

Asian stocks dropped in early trade after US equities retreated from record highs and a gauge of China's non-manufacturing industries declined.

 

Key benchmark indices in Hong Kong, Taiwan, Singapore, Indonesia, China and South Korea were off 0.58 to 1.79%. Japanese stock markets were closed for a holiday.

 

Foreign institutional investors (FIIs) bought shares worth a net Rs 674.05 crores yesterday, as per provisional data from the stock exchanges.

 

Source: TOI