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Sensex sheds 156 points

MUMBAI: Below-expectation earnings by two top blue chip stocks — RIL and Bharti Airtel — sparked selling onslaught on Bombay Stock Exchange on Friday and the benchmark Sensex lost over 150 points to close at two-month low level, dampening the excitement over U.S. coming out of deep recession.

After rising sharply to a high of 16360.88 during initial trade, the BSE barometer later tumbled with Reliance Industries losing 3.62 per cent after reporting a fourth straight fall in quarterly profits on lower refining margins.

The 30-share index finally closed 156.44 points lower at 15896.28, extending its losses to the fifth straight day. It has lost 914 points or 5.44 per cent during the week.

Bharti Airtel, reported a 13 per cent rise in the second quarter profit which fell below market expectations. Its shares closed sharply lower by 6.38 per cent.

The rupee gained 24 paise to close at 46.96/97 against the dollar on Friday. It closed at 47.21 on Thursday. The rupee surged to 46.80-level initially on exporters’ dollar selling. However, the gains were capped by sudden demand for the dollar from oil refiners.

The Reserve Bank of India fixed the reference rate for the dollar at Rs. 46.96. — PTI

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