Sensex at fresh 1-week low; down 49 points as L&T slumps 6%
Mumbai: Sliding for the third day, the BSE benchmark Sensex on Wednesday fell by 49 points to close at a fresh one-week low, dragged down by a 6 percent slump in L&T after its quarterly results failed to meet market expectations.
After a better start at 20,220.35, the 30-share index fell by 49.37 points, or 0.25 percent to 20,062.24. It had lost 174 points in the last two sessions.
Similarly, the National Stock Exchange index Nifty fell below the crucial 6,100 level by losing 19.60 points, or 0.32 percent, to 6,094.50.
Also, MCX-SX flagship index SX40 closed down by 20.32 points, or 0.17 percent, at 11,861.05.
Brokers said sentiment turned bearish as engineering major Larsen and Toubro's fourth quarter earnings missed the market estimates and its stock suffered a heavy loss of 5.57 percent to close at Rs 1,517.10.
They said a weakening rupee against the dollar and bearish trend in European region before Federal Reserve testifies on the outlook for the US economy further influenced the market sentiment.
Out of the 30 shares, 16 stocks declined led by L&T, Tata Power and HeroMoto Corp.
The capital goods sector index dropped the most by losing 3.67 percent to 9,953.99 followed by Realty index by 3.47 percent to 1,897.52. Oil and Gas index fell by 0.98 percent to 8,794.51 and power index by 0.69 percent to 1,802.89.