Sensex sheds 520 pts in 7-day losing streak
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Dragged down by selling in last 30 minutes, the BSE benchmark Sensex on Friday 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.
The Sensex moved in a narrow range of about 100 points till afternoon trade but selling since late afternoon session pulled it down to 6-week low of 19,484.77, a loss of 95.55 points.
"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 also dampened the market sentiment.