Sensex Slips 48 Points, Settles Below 38,000-Mark

MUMBAI: Indices slipped for a fourth consecutive session on Tuesday as weak corporate earnings, hinting at an economic slowdown, kept investors’ sentiment muted. Heavy selling in select bluechip stocks like HDFC twins and State Bank of India (down 2 percent each), and Reliance Industries and HCL Tech (down 1 percent each) dragged indices lower during the last hour of trade.

The benchmark S&P BSE Sensex settled below the 38,000 marks at 37,983 levels, down 48 points, or 0.13 percent. State Bank of India (SBI), HDFC, Bajaj Auto, and HDFC Bank tumbled the most on the 30-share index while Power Grid Corporation, Hero Moto Corp, ITC, and Asian Paints closed the day as the top gainers. The broader Nifty50, too, ended at 11,331 marks, down 15 points, or 0.13 percent.

In the broader market, S&P BSE MidCap closed at 13,915 levels, down 79 points, or 0.56 percent while the S&P BSE SmallCap index gained 49 points, or 0.38 percent, to settle at 13,206 levels.

Indian investors bucked the trend being witnessed in Asian markets and focused on domestic factors to steer through the trade. The sentiment remained negative on the back of heavy selling by foreign investors post Budget announcement and negative management commentary during the quarterly results.

Sectorally, Nifty IT index traded in the green through the day on a weaker rupee. At close, Nifty PSU Banks were the biggest losers, with the index settling over 3 percent lower followed by Nifty Financial Services index (down 0.72 percent) and Nifty Pharma index (down 0.70 percent). Nifty Realty index was the gainer at the close, up 0.99 percent, followed by Nifty IT index (up 0.29 percent). (IANS)

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