Sensex hits 2 month low, down 233 points

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StocksMumbai, June 24,;After a day’s relief, the BSE benchmark Sensex on Monday fell 233.35 points to close at its lowest level in over two months, as foreign funds resumed selling, mainly in realty and consumer durables sector stocks, after rupee fell to near record lows.

The 30-share index started the day on a weak note at 18,643.68, down over 130 points from Friday’s close and fell further to close 233.35 points, or 1.24 per cent lower, at 18,540.89.

This is its lowest closing level since ending at 18,357.80 on April 15, 2013.

Similarly, the wide-based National Stock Exchange index Nifty closed 77.40 points, or 1.37 per cent down at 5,590.25.

Also, SX40 index, the flagship index of MCX-SX, closed 125.23 points down, or 1.12 per cent, at 11,013.15.

Brokers said the selling pressure resumed as Rupee fell to near record low levels of 59.67 against the Dollar in early trade today on prospects of the U.S. curbing monetary stimulus.

It had touched its lifetime low of 58.98 against the dollar last week.

They said major market players like foreign funds turning net sellers pulling out USD 4.6 billion from Indian bonds and shares so far this month further influenced the sentiment.

A weakening trend in the Asian region and lower opening in Europe as Chinese stocks entered a bear market amid a cash crunch at banks was another dampening factor.

Out of the 30 BSE shares, 24 ended with losses led by bluechips Sterlite Industries, Bharti Airtel and Bhel.

ITC, Larsen and Toubro and HDFC Bank remained the major losers of the day. Among other major losers, shares of Jaiprakash Power settled lower by 13.48 per cent at Rs 17.65, after its Vishnuprayag hydro-power plant in Chamoli, Uttarakhand was shut down following heavy rains in the state.

Sectorally, the realty index lost 4.79 per cent to close at 1,510.54, followed by consumer durables index losing 3.38 per cent to settle at 6,524.58.

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