Sensex drops to nearly 3-week low, sheds 47 points as metal cos hit

A weak trend in the Asian region and lower opening in Europe on reports of slowdown in China dampened the market sentiment at the domestic front.

Published: 28th August 2012 10:52 AM  |   Last Updated: 28th August 2012 04:58 PM   |  A+A-


Falling for third straight day, the Sensex today dropped by 47 points to close at nearly three- week low amid Parliament failing to transact business yet again, raising concerns over the fate of economic reforms.
The BSE benchmark index, which had lost 171 points in previous two sessions, opened unchanged but dropped 108 points to 17,570.71 as metal counters including Sterlite Industries, Jindal Steel and Hindalco fell in the 3-5 per cent range.
After erasing some losses on the back of gains in Infosys, TCS and ITC, Sensex closed at 17,631.71, down 47.10 points or 0.27 per cent over yesterday. This is the lowest closing for the 30-share index since 17,557.74 hit on August 10.
The Parliament failed to transact any business for the sixth straight day today as BJP continued to create ruckus by pressing its demand for resignation of Prime Minister Manmohan Singh even as other Opposition parties wanted to take up debate on CAG report and other business.
A weak trend in the Asian region and lower opening in Europe on reports of slowdown in China and Eurozone might continue to hurt global economic growth, further dampened the market sentiment at the domestic front.
"Market sentiment became sceptical after political disagreement over several matters indicated that sturdy reform measures cannot be expected easily in near future," said Nidhi Sarswat, Senior Research Analyst, Bonanza Portfolio.
The 50-share National Stock Exchange index Nifty lost 15.65 points, or 0.29 per cent to 5,334.60, after touching the day's low of 5,312.60.
In the metal sector, Jindal Steel sank 4.88 per cent, Sterlite Ind. by 5.13 per cent, Tata Steel by 1.84 per cent and Hindalco by 3.09 per cent.

Stay up to date on all the latest Business news with The New Indian Express App. Download now


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp