Sensex falls further as investors offload on interest rate concerns
31 Jan 2011
The BSE benchmark Sensex fell for the fourth straight session today, losing over 68 points. The benchmark's five-month low came as investors continued to sell over concerns of high input costs and rising interest rate impacting corporate earnings.
Global stock markets too were weak and offered no support.
The Sensex, which lost 755 points over the last three sessions was down further by 68.21 points to 18,327.76, plumbing a level last reached in early September.
The index was at 18,038.48 points intra-day, but a late recovery lifted the index as investors bought into fundamentally strong stocks that were available at attractive low levels.
National Stock Exchange index Nifty followed the broad-based Bombay Stock Exchange index losing 6.25 points to 5,505.90, after touching the day's low of 5,416.65 points as stocks of realty, FMCG and tech sectors took the most beating.
As investors chose to offload on rising input cost and hike in interest rate, foreign investors pared positions in the backdrop of the continuing unrest in Egypt.