Sensex snaps four-day rising streak
Mar 11 2013 , Mumbai
Reserve Bank of India Gov. Duvvuri Subbarao rejected the notion that high inflation is the "new normal" in comments on Friday, raising concerns the central bank could remain hawkish about interest rates.
Tata Consultancy Services Ltd provisionally fell 1.4 percent, while ICICI Bank ended down 1.1 percent.
The Sensex provisionally fell 0.38 percent, while the Nifty ended down 0.06 percent.
Markets @ 10.30 AM (PTI)
Erasing early gains, the BSE benchmark Sensex today lost 30 points in the late morning trade due to fresh selling pressure mainly in metal, capital goods, IT and technology sectors amid mixed Asian cues.
The 30-share index resumed slightly lower at 19,679.88 and hovered in a range 19,737.13 and 19,651.56 before quoting at 19,653.58 at 1030 hrs, showing a loss of 29.65 points, or 0.15 per cent, from its last weekend's level.
The NSE 50-share Nifty also declined marginally by 1.75 points or 0.03 per cent to 5,943.95 at 1030hrs.
Major losers were Hindalco Ind (1.78 per cent), Sterlite Ind (1.68 per cent), Jindal Steel (1.48 per cent), BHEL (1.04 per cent), Larsen (0.90 per cent) and TCS (0.88 per cent).
Foreign institutional investors (FIIs) bought shares worth a net Rs 1,283.58 crore last Friday, as per provisional data from the stock exchanges.
Asian stocks edged higher in their early trade as US jobs data beat estimates and Japanese exporters gained on the yen's drop to a three-and-a-half-year low against the dollar.
Key benchmark indices in Hong Kong, Singapore, Japan and Taiwan rose by 0.02 per cent to 0.91 per cent, while indices in China, Indonesia, and South Korea fell by 0.02 per cent to 0.3 per cent.
The Dow Jones Industrial Average hit yet another record closing high on last Friday as the nonfarm payrolls report for February, 2013 surpassed even the most optimistic forecasts.