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Sensex tumbles on weak IIP data

MUMBAI: The benchmark Sensex on Thursday dipped by another 153 points due to weak industrial growth and sluggish Asian as well as European markets despite the fall in inflation. Belying all projections and the optimism following two stimulus packages, the index of industrial production (IIP) declined by two percentage points in December. The IIP had contracted for the first time in 15 years in October 2008. For the first nine months of the current fiscal, growth stood at 3.2 per cent against 9 per cent a year ago, affecting market sentiment. The Bombay Stock Exchange 30-share barometer remained in the negative region throughout the day and ended at 9465.83, a net loss of 152.71 points from its last close. The fall in the Sensex could be gauged from sharp to moderate declines at IT, refinery and capital goods counters.

The broader 50-share Nifty of the National Stock Exchange also moved down further by 32.65 points to 2893.05 from its previous close.

The market is now awaiting the outcome of the interim budget, to be presented on February 16.

The trading volume was relatively low at Rs. 3,212.26 crore against Rs. 3,280.70 crore on Wednesday.

Rupee drops by 15 paise

Moving in tandem with the fall in equity markets, the rupee on Thursday dropped by sixteen paise to 48.84/85 against the U.S. currency.

In a sluggish trend at the inter-bank foreign exchange market, the rupee resumed lower at 48.75/76 a dollar as against Wednesday’s close of 48.68/70.

It moved in a range of 48.69 and 48.85 before concluding the day at 48.84/85.— PTI

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