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Friday 24 July 2015

Market Update: BSE Sensex Falls 259 Points On Muted Earnings - 24 July 2015

BSE Sensex fell for the second straight day on Friday, slipping by another 258.53 points to end at nearly two-week low of 28,112.31, on muted earning figures reported by companies so far and weak global cues. Brokers said weakness in the rupee, which fell 23 paise against dollar intra-day, too, hit sentiments. Worries over the fate of key reforms bills including Goods and Services Tax, with Parliament's proceedings in the first week of the Monsoon Session completely washed out, also affected the day's trade they said. The Sensex has now lost 392.62 points in two days. The 50-share NSE Nifty ended 68.25 points down at 8,521.55 after shuttling between 8,513.50 and 8,589.15 intra-day. All BSE sectoral indices, except consumer durables and FMCG, ending in negative zone. The BSE capital goods index suffered the most, falling 1.57 per cent, followed by realty index (1.32 per cent). Of 30-share Sensex stocks, 21 ended lower. ICICI Bank suffered the most among Sensex stocks by  falling 3.96 per cent to Rs 300.50 ahead of earnings, followed by Wipro (down 3.73 per cent to Rs 566.45) as the company's June quarter earnings failed to impress investors. Other prominent losers were Lupin, Tata Motors, GAIL, SBI, Vedanta, M&M, Tata Steel, BHEL, L&T, Coal India, Infosys, Axis Bank, Maruti Suzuki, ITC, Dr Reddy's and ONGC. Broader markets also depicted a weak trend with the BSE mid-cap index falling 0.61 per cent and small-cap by 0.58 per cent. On a weekly basis, the Sensex and Nifty ended lower by 351 points (1.23 per cent) and 88.30 points (1.02 per cent), respectively. Asian markets ended lower after a survey showed China's manufacturing activity tumbled to 15-month lows in July. Meanwhile, foreign investors bought shares worth Rs 185.42 crore on Thursday according to provisional data with the stock exchanges.


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