Sensex snaps 3-day winning streak; closes at 17,521
Mumbai: Snapping a three-day upsurge, the Sensex on Friday fell 17 points from from three-month high levels amid a weak rupee and insipid global trends.
After opening marginally higher in the morning, the BSE benchmark index moved in a narrow 130-point range and at closing slipped by 17.55 points o 17,521.12.
The Sensex had gained 140 points in last three days and yesterday ended at 17,538.67, its highest closing in 3 months.
Investors turned cautious ahead of quarter earnings by leading companies led by software majors, traders said. Tata Consultancy Services and Infosys release results on July 12.
Brokers said sentiments weakened as rupee fell the most in two weeks on speculation measures announced by European policy makers will not revive global economic growth.
European and Chinese central banks yesterday slashed interest rates while the Bank of England unveiled fresh stimulus measures worth 50 billion pounds. The rupee was last trading at 55.6 levels against the US dollar.
The market breadth was poor with 1,532 stocks of the 3,028 traded ending lower. FMCG and banks fared well while metal, realty, consumer durables and capital goods shares lost value.
A mixed trend in Asia and lower opening in European stocks further influenced the market sentiment, experts said.
In the 30-share Sensex, 18 stocks led by heavyweights Infosys and Reliance Industries declined while 12 stocks, including ICICI Bank and HDFC, managed to close higher.
The 50-share National Stock Exchange index Nifty fell by 10.35 points, or 0.19 percent to 5,316.95, after touching the day's low of 5,287.75.