Monsoon clouds the Sensex sky, again

Mumbai, Aug 4 (PTI) The Bombay Stock Exchange benchmark
Sensex was down by 93 points on Tuesday as market participants
booked profits because of concerns about the weak monsoon.

The Sensex, which had gained 750.77 points in the last
three sessions, fell by 93.25 points at 15,830.98, after
touching 16,000 in the early part of the day. The key index
had surged to a 14-month high on Monday.

Similarly, the 50-share National Stock Exchange index
Nifty lost 30.90 points at 4,680.50 after touching the day's
high of 4,731.45 and a low of 4,642.60 points.

Marketmen said funds and general investors were concerned
that monsoon rain this year might be insufficient in
sustaining farm output and that might reduce spending in rural
areas.

They said the recent significant rise in share prices in
last three session also attracted a slew of profit booking.

A weakening dollar against the rupee triggered selling in
software exporting company stocks such as Infosys, Wipro and
Patni Computers. Over 50 per cent revenue of information
technology revenue comes from the US markets.

Selling pressure got reinvigorated on reports of Kotak
Securities analysts indicating a 15-20 per cent correction in
the markets.

In the 30 BSE stocks, 19 shares closed with losses while
11 settled higher. The major losers were Infosys, ONGC, Tata
Power, RCom and ICICI Bank.

Weakening trends in other Asian stock markets and a lower
start in European exchanges impacted market sentiment
adversely.

Buying in Hindalco, Hindustan Unilever, Tata Motors,
Reliance Industries and Maruti Suzuki averted a major fall.

The teck index suffered the most, losing 1.41 per cent,
to 2,922.90, followed by the healthcare index, 1.35 per cent
to 3,806.63.

Power lost 1.28 per cent to 2,996.69, realty 1.20 per
cent to 4,023.55, IT 1.10 per cent to 3,957.37, banks 0.71 per
cent to 8,506.72 and metals 0.32 per cent to 12,776.97.

Consumer durables, auto, FMCG and oil and gas made gains.
PTI RS
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