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Sensex slips below 15,000; Wipro drops

July 22, 2009

The BSE Sensex erased early morning gains of over 2 percent and ended 1.46 percent down on Wednesday as weak sentiments across Asia downplayed investor sentiments.

The 30-share sensitive index swung from an intra-day high of 15,369 to an intra-day low of 14,786 and closed 219 points lower at 14,843. MARKETS-SOUTHASIA-STOCKS/

The fifty-share Nifty ended 1.57 percent down to 4398.

IT and capital goods stocks saw some heavy selling while most of the other sectors pared their early gains.

On the sectoral front, the BSE Capital Goods Index dropped 1.87 percent, followed by the Auto Index which ended 1.61 percent lower. All other indices ended the day in the red.

Wipro Ltd beat estimates with a 13 percent rise in quarterly profit but joined its bigger rivals in giving a cautious forecast due to uncertainty in the global economy.

Shares in Wipro ended 1.52 percent lower at 451 rupees on the muted outlook.

On the global front, some profit taking in European markets and a word of caution from U.S. Federal Reserve Chairman Ben Bernanke on the U.S. unemployment rate remaining high undermined consumer confidence.

Do you think the markets would fall further on fears of slowing economic recovery?


Markets rose 1,791 points(13.4%)during last week so a drop of 348 points(2.30%)is hardly alarming.Call it a pause or call it profit-booking or correction,markets are looking poised to make a new 52-week high.

If Reliance announces an earning surprise in 1Q 2010 results,markets would redo Monday’s rise.

A spate of new issues starting with Adani Power IPO are ready for subscription.Afterall,Power companies are replacing Realty companies as market’s sweethearts.So to get them subscribed,we need to keep sensex buoyant.

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