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HomeUncategorizedSensex falls 101 points, Nifty ends below 6,250

Sensex falls 101 points, Nifty ends below 6,250

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SensexThe BSE Sensex fell on Tuesday led by declines in software exporters such as Tata Consultancy Services on profit-taking after the recent run-up on better-than-expected quarterly results by peer Infosys.

Falls also tracked weak global shares as a batch of weak earnings pre-announcements in the United States sparked concerns that the upcoming reporting season may disappoint, leaving some indexes looking expensive after a bumper 2013.

After retail inflation in December eased to a three-month low on Monday, traders are eyeing December wholesale price inflation, seen at 7 per cent and due Wednesday, and considered to be key ahead of the RBI’s rate review on January 28.

Retail prices rose an annual 9.87 per cent last month, slower than expected, as vegetable prices fell, giving some relief to policymakers struggling to contain price pressures as growth hovers at a decade low.

Also, a surprise contraction in industrial production and a slowdown in merchandise exports growth, which have dampened hopes of a rebound in Asia’s third-largest economy, further reduces the chances of a rate hike, dealers said.

“Growth for India has bottomed out and even valuations look reasonable. Inflation has eased and I think a delay in rate action by the RBI governor signifies he may side with growth,” said NandkumarSurti, managing director and chief executive officer at JP Morgan Asset Management.

The Sensex fell 0.48 per cent, or 101.33 points, to end at 21,032.88, after rising over 2 per cent over the last two consecutive sessions.

The Nifty lost 0.49 per cent, or 30.90 points, to end at 6,241.85.

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