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Sensex slips 146 pts; RIL, banks fall

Continuing its year-end downslide for the second day in a row, the stock market on Wednesday  lost further ground with a 146-point fall in the barometer Sensex amid weakness in blue-chips like RIL, ICICI Bank and SBI.

BT Online Bureau | December 28, 2011 | Updated 17:26 IST

Continuing its year-end downslide for the second day in a row, the stock market on Wednesday  lost further ground with a 146-point fall in the barometer Sensex amid weakness in blue-chips like RIL, ICICI Bank and SBI.

The 30-share benchmark index settled with a 146.10 points or about 0.92 per cent fall at 15,727.85 points.

The National Stock Exchange's 50-share Nifty index also dropped 0.94 per cent or 44.70 points to close at 4705.80.

Among the heavyweights, ICICI Bank, Reliance Industries Ltd (RIL), ITC, SBI and HDFC were among the major losers, even as IT giant Infosys and public-sector majors NTPC and BHEL managed to buck the trend and registered gains.

Among the 30 Sensex stocks, Jindal Steel was the biggest loser with a fall of over 7 per cent, while ICICI Bank fell about 4 per cent.

SBI, Wipro, M&M and Hindalco lost over two per cent each, while RIL was down 1.95 per cent.

Stocks said that banking stocks are being hit on concerns that the bad loans might be increasing due to slowdown in the economic growth.

The stocks that managed to gain ground in a weak market also included Tata Power, Cipla, DLF and Coal India.

Among the sectoral indices, metal, banking, energy, auto and FMCG segments were among the worst-hit, while the indices for power and capital goods sectors were the only two gainers.

The stock market has been trading mostly with a downward bias so far in December, although the last month of the year has traditionally been a strong period.

The Sensex has dropped by about 250 points in the two consecutive sessions itself, while it had dropped more than 600 points on two straight days last week also.

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