Sensex slides 259 points; extends losses on muted earnings

Mumbai :Falling for the second straight day, the benchmark BSE Sensex on Friday slipped 258.53 points to end at nearly two-week low of 28,112.31 on muted earning figures reported by companies so far and weak global cues.

Moreover, weakness in rupee, which fell 23 paise against dollar (intra-day) too hit sentiments, brokers said.

Asian markets ended lower after a survey showed China’s manufacturing activity tumbled to 15-month lows in July.

The 30-share BSE barometer fell by 258.53 points or 0.91 per cent to 28,112.31, with all the sectoral indices, except consumer durables and FMCG, ending in negative zone.

The gauge has now lost 392.62 points in two days.

The NSE Nifty ended 68.25 points or 0.79 per cent down at 8,521.55 after shuttling between 8,513.50 and 8,589.15 intra-day.

On a weekly basis, the Sensex and Nifty ended lower by 351 points (1.23 per cent) and 88.30 points (1.02 per cent), respectively.

Sentiments were also dampened on investors’ worries over the fate of key reforms bills including GST, with Parliament’s proceedings in the first week of the Monsoon Session completely washed out, they said.

ICICI Bank suffered the most among Sensex stocks by falling 3.96 per cent to Rs 300.50 ahead of earnings, followed by Wipro down 3.73 per cent to Rs 566.45 after the company’s June quarter earnings failed to impress investors.

Other prominent losers were Lupin, Tata Motors, GAIL, SBI, Vedanta, M&M, Tata Steel, BHEL, L&T, Coal India, Infosys, Axis Bank, Maruti Suzuki, ITC, Dr Reddy’s and ONGC.
Sectorwise, BSE capital goods index suffered the most by falling 1.57 per cent, followed by realty 1.32 per cent.

Broader markets also depicted a weak trend with the BSE mid-cap index falling 0.61 per cent and small-cap by 0.58 per cent.

Out of 30-share Sensex stocks, 21 ended lower.

Meanwhile, foreign investors bought shares worth Rs 185.42 crore yesterday as per provisional data.

Globally, a rise in European stocks at opening on better corporate earnings and a weak trend at the other Asian markets also influenced the trading sentiments.