After enjoying four consecutive days of gains, the Indian equity market took a breather on Friday closing sharply lower. Overnight losses in the US and weak Asian markets dragged the indices to open with a negative gap. From there on markets remained under constant pressure as the Indian rupee continued to weaken against the US Dollar.
The Indian unit further weakened 52 paise against the green back as compared to previous day’s close.
Today’s decline was so sharp that not a single sectoral index on the BSE managed to close in the green. The fall was led by rate sensitive sectors after Reserve Bank of India Governor Raghuram Rajan said that interest rates may continue to remain high. The RBI policy meet is scheduled on January 28, 2014.
The banking, realty, auto were among the top laggards. Among the major losers were the capital goods, metals, pharma and FMCG stocks. Even the mid-cap and the small-cap stocks were not spared.
Finally, BSE Sensex closed at 21,133 down 240 points, while NSE Nifty closed at 6,267 down 79 points over the previous close.
The Indian unit further weakened 52 paise against the green back as compared to previous day’s close.
Today’s decline was so sharp that not a single sectoral index on the BSE managed to close in the green. The fall was led by rate sensitive sectors after Reserve Bank of India Governor Raghuram Rajan said that interest rates may continue to remain high. The RBI policy meet is scheduled on January 28, 2014.
The banking, realty, auto were among the top laggards. Among the major losers were the capital goods, metals, pharma and FMCG stocks. Even the mid-cap and the small-cap stocks were not spared.
Finally, BSE Sensex closed at 21,133 down 240 points, while NSE Nifty closed at 6,267 down 79 points over the previous close.
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