BSE Sensex plunges to lowest point in 2013 after 7-day losing streak
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Dragged down by selling in last 30 minutes, the BSE benchmark Sensex today fell by nearly 96 points to close at the year's lowest level of 19,484.77 on renewed worries over economic growth and tepid corporate earnings, extending the losing string to the seventh day - Nifty too dipped.
The 30-share barometer moved in a narrow range of about 100 points till afternoon trade, but selling since late afternoon session pulled it sharply down to nearly 6-week low of 19,484.77, a loss of 95.55 points or 0.49 per cent.
Scrips like ICICI Bank, ITC, SBI, RIL, ONGC, Cipla, Tata Motors, M&M, Maruti Suzuki, Sterlite, HUL, Dr Reddy's Lab, Hindalco and HDFC suffered sharp to moderate losses today.
"Pre-Budget party looks to be over. Sentiment is turning weak. Market may drift lower," said Vijay Kedia, Director, Kedia Securities.
In the last seven sessions, Sensex has lost over 520 points due to a combination of profit-booking in bluechips, poor growth prospects and fiscal health worries. The current losing trend is the Sensex's longest since November 2011.
Brokers said weak earnings by Hindalco and Canara Bank today after lower-than-expected results from Cipla yesterday also dampened the market sentiment further.
Hindalco, Sterlite and Cipla fell over 3 per cent each. The broader S&P CNX Nifty of the NSE also dipped by 35.30 points or 0.59 per cent to a six-week low of 5,903.50. It fell below key 5,900-level to an intra-day low of 5,883.65.
Global markets, however, ended in positive zone today.
Kishor P Ostwal, CMD, CNI Research Ltd said, "Indian Market made another low with unconvincing volumes. GDP below 5 percent was not appealing. It seems market is scared of the Budget."
Yesterday, Central Statistics Office said the country's economic growth rate this fiscal is estimated to be sharply lower at 5 per cent as against 6.2 per cent.