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PM’s pep talk fails to uplift markets

The BSE benchmark Sensex on Wednesday fell for the first time in five days losing 239 points on concerns over corporate earnings,renewed fears of early general elections and a weak global trend

Written by ENS Economic Bureau | Mumbai | Published: April 4, 2013 1:44 am

The BSE benchmark Sensex on Wednesday fell for the first time in five days losing 239 points on concerns over corporate earnings,renewed fears of early general elections and a weak global trend.

The index fell 1.26 per cent,or 239.31 points to 18,801.64 points,posting its biggest daily percentage fall since March 19 and erasing a chunk of its 1.9 per cent gain over the four previous trading sessions. The broader NSE index ended down 1.31 per cent,or 75.20 points to 5,672.90.

Sanjeev Zarbade,vice president,Kotak Securities,said,“The Sensex came under severe selling pressure especially in the last hour of the session. The market fall could be due to speculation about early general elections and weak macroeconomic datapoints.” Worries over corporate results for the fourth quarter also clouded the sentiment.

“With the continuing political uncertainty and talks of an early election,the market may turn cautious in the near term. It is advised for investors invest in fundamentally sound companies,” said Amar Ambani,head of Research,IIFL.

Prime Minister Manmohan Singh’s speech earlier in the day urging business leaders to keep faith in his government’s efforts towards improving the investment climate failed to bolster sentiment as he did not give concrete measures towards recovery. Auto shares were among the leading decliners amid continued concerns after companies posted declines in sales in March from a year earlier. Tata Motors fell 3.7 per cent,while Bajaj Auto ended 3.4 per cent lower.

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