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Sensex reacts downward on weak Asian cues and IT sell-off

Sensex reacts downward on weak Asian cues and IT sell-off
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First Published: Tue, May 15 2007. 04 41 PM IST
Updated: Tue, May 15 2007. 04 41 PM IST
PTI
Mumbai: The benchmark Sensex today settled moderately down by over 36 points, reacting to the decline in Asian markets as also the IT sector, despite smart rally in banking counters.
IT shares continued to be at the receiving end for the last few days following rupee’s upward march in last few months as rising rupee directly impacts revenue and profits of these firms.
These companies received large part of their revenue from exports to US.
The Bombay Stock Exchange (BSE) 30-share sensitive index, Sensex, opened slightly lower at 13,948.91 and moved in a range of 14,023.86 and 13,885.46 before concluding the day at 13,929.33, a fall of 36.53 points or 0.26% over Monday’s close of 13,965.86.
The broad-based S&P CNX Nifty of the National Stock Exchange (NSE) also eased by 14.00 points or 0.34% to 4,120.30 from previous close of 4,134.30.
Besides IT, oil companies, particularly heavyweights like RIL and ONGC, also suffered a sharp setback on profit-selling.
However, banking counters attracted good buying support following yesterday’s excellent forth quarter results from SBI as well as expectation of cut in cash reserve ratio (CRR), which helped to cushion the sensex fall to some extent.
In Asian market today, the Hang Seng ended sharply down by 111.09 points, the Nikkei-225 by 164.96 points, Shanghai composite by 147.21 points, Singapore ST by 26.02 points, Kospi by 16.40 points and Taiwan Weighted index by 55.53 points.
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First Published: Tue, May 15 2007. 04 41 PM IST
More Topics: Money Matters | Equities |