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Sensex falls 296 points as tech stocks get further pounding

The NSE 50-share Nifty also ended lower by 95.45 points or 1.64 per cent at 5,729.10.

Written by ENS Economic Bureau | Mumbai |
April 19, 2011 12:07:58 am

Dalal Street fell to a 3-week low amidst selling in tech and realty counters,weak global stocks and inflation concerns arising out of high crude oil prices. The 30-share Bombay Stock Exchange Sensex initially touched a high of 19,649.22 on renewed buying in auto,consumer durables,oil & gas,capital goods and banking. However,selling began after the morning session and pulled the Sensex down to end at 19,091.17,a loss of 295.65 points or 1.53 per cent from its last weekend’s level.

The NSE 50-share Nifty also ended lower by 95.45 points or 1.64 per cent at 5,729.10. Last Friday,the Sensex had tumbled 310.04 points or 1.57 per cent.

The market opened in the positive zone but failed to maintain initial gains on all-round profit-booking in tech and real estate counters that also extended to metals and banking counters.

Tech pivotals extended fall for the second day hit by the disappointing guidance from Infosys. Interest rate sensitive realty stocks extended past few days’ losses on worries higher interest rates could dent demand for residential and commercial property. Most metal stocks declined on worries monetary tightening in Asia and Europe to tame inflation could dent demand for metal.

Bank shares reversed initial gains amid worries high inflation and rising interest rates would hurt future profits. extending Friday’s 9.59 per cent slump,Infosys lost 2.8 per cent. TCS dropped 3.43 per cent,extending Friday’s 1.52 per cent slide. Wipro shed 0.97 per cent extending Friday’s 5.04 per cent plunge.

“The undercurrent has taken a hit in the past few sessions on account of downbeat IIP and Inflation reports. To add to the worries,Infosys failed to impress the markets. Globally too,things have not been encouraging. The ECB and its Chinese counterpart have hiked rates. Sovereign debt concerns have resurfaced in the eurozone with Portugal being the latest victim,”said Amar Ambani,Head of Research,IIFL.

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