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Stocks slide for fourth day

MUMBAI: Although the November industrial production data and third quarter earnings by the IT bellwether Infosys Technologies beat the street expectations, the markets continued their downward spiral for the fourth straight day on Tuesday weighed down by heavy selling in banking stocks on reports of rising non-performing assets (NPAs).

The Bombay Stock Exchange sensitive index, Sensex, gyrated in a range of 17612 and 17392.55 before closing at 17422.51 against 17528.71 on Monday, a net fall of 104.20 points.

The National Stock Exchange index Nifty 50 dropped 39 points to 5210.40, after moving between 5300.50 and 5200.95.

A day after touching its 16-month peak, the rupee on Tuesday lost a hefty 38 paise against the dollar on brisk buying of the American currency by banks and corporates.

After touching 16-month high of 45.34 against, the rupee opened lower at 45.45/46 a dollar and hovered in the in the range of 45.36 and 45.7250 before closing at 45.71/72 a dollar.

Dealers said sustained weakness in equity markets, reflecting slowing down of capital inflows weighed against the rupee sentiment. The dollar was down by 42 paise against the rupee on Monday. — PTI

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