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BSE Sensex falls 49 points on growth, monetary policy concerns

After dropping nearly 216 points in the previous session, the 30-share BSE benchmark lost another 49.12 points, or 0.25 per cent, to 19,732.76. The 50-scrip Nifty edged down by 0.10 points to 5,850.60.

BT Online Bureau   Mumbai     Last Updated: September 13, 2013  | 17:30 IST
Sensex falls on growth, monetary policy concerns
Photo: Reuters

The BSE Sensex witnessed a choppy trade on Friday, falling 49 points, as Prime Minister's key economic advisor slashed the GDP growth forecast for this financial year and said the current stance of monetary policy should be continued until stability in the rupee is achieved.

The Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan said GDP will grow at 5.3 per cent in FY14 compared with April projection of 6.4 per cent growth, even as government data on Thursday showed retail inflation eased slightly to 9.52 per cent in August and factory output grew 2.6 per cent in July.

Edgy global stocks ahead of US retail sales and consumer confidence data that may influence stimulus tapering also affected domestic markets.

After dropping nearly 216 points in the previous session, the Sensex lost another 49.12 points, or 0.25 per cent, to 19,732.76. The bluechip index remained volatile intra-day and rose to a high of 19,899.37 and a low of 19,675.68.

The 50-scrip NSE Nifty edged down by 0.10 points to 5,850.60, after moving between 5,884.30 and 5,822.90.

Also, SX40 index, the flagship index of MCX-SX, ended at 11,706.18, down 28.16 points or 0.24 per cent.

The rupee was also trading weak at 63.7 levels versus dollar.

Gains in Bajaj Auto, BHEL, Coal India, Hero MotoCorp, Jindal Steel, Larsen and Toubro, Mahindra and Mahindra, ONGC, State Bank of India, Tata Power and Sun Pharma helped prevent a major fall in the 30-share index.

Nineteen Sensex stocks declined led by HDFC Bank, ICICI Bank, Infosys, ITC, Reliance Industries, Tata Steel, Wipro and Tata Consultancy Services.

Sectorally, the consumer durable index suffered the most by losing 1.54 per cent to 5,749.11 followed by IT index by 1.43 per cent to 7,802.40.

On a weekly basis, the Sensex managed to rise for the third successive time as the index gained 462.7 points or 2.40 per cent.

With inputs from PTI

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