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Sensex down 0.77 pct led by Reliance
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The Sensex clawed back from mid-day losses on Monday but still closed 103 points lower at 13400, adding to last week’s slide of over 1400 points.
Worries about the global economy and corporate results weighed on investor sentiments throughout trade, which saw the benchmark hitting the day’s low of 13,220.
The fall in the index was led by Reliance Industries, which lost 1.7 percent, and L&T which dropped 2.1 percent. Reliance Infra was the top index loser with a slump of over 6 percent.
The BSE Info Tech index bucked the trend and gained 1.7 percent with stocks such as HCL Tech and Infosys adding 2.8 and 2.4 percent respectively.
On the other hand, the BSE Consumer Durables Index was the worst hit with losses of 5.6 percent, followed by the realty and metal indices, both dropping over 3.5 percent.
The mid-cap index lost 2.8 percent, with stocks such as SREI Infra dropping 17.8 percent and Bajaj Hindustan losing 12.7 percent.
The Sensex has begun the week on a downward trend. Do you see any signs of a bounce back soon?
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A relief rally is now overdue.It is going to come on tuesday/wednesday to coincide with monsoon clouds expected to break over central India.
Sensex will have to take some more correction,say upto 11,750 points,and from here it have some traction to bounce back to 12,750-13,000 points.
The shortfall in agricultural sector will dampen GDP growth prospects.A target of 7% in 2009-2010 is looking difficult.
Will all this delay a turnaround in economy.