Sensex, Nifty end flat, Rupee closes at record low
India Today
Nifty 50 index ended flat at 16,216, while the S&P BSE Sensex fell 0.16 per cent or 86.61 points to 54,395.23.
The Sensex and Nifty pared most of the losses on Monday to end flat following reports the country may soon abolish export tax on key steel products to revive demand lifted metals stocks, offsetting a selloff in technology companies on demand worries.
Meanwhile, the rupee ended at a record closing low against the dollar on Monday as continued foreign portfolio outflows from domestic stockmarkets and a broadly stronger greenback weighed on the currency despite intermittent dollar selling intervention.
The partially convertible rupee closed trading at 79.4375/4475 per dollar, compared to its close of 79.25 on Friday. The unit touched a lifetime low of 79.44 during the session, surpassing its previous low of 79.3750 touched last week.
The NSE Nifty 50 index ended flat at 16,216, while the S&P BSE Sensex fell 0.16 per cent or 86.61 points to 54,395.23. The indexes had fallen about 0.7 per cent earlier in the session.
The tech index fell 3.1 per cent, dragged down by Tata Consultancy Services, shares of which fell as much as 4.9 per cent to hit a three-week low, after the company missed quarterly profit estimates by a wide margin on Friday, as employee-related expenses soared.
However, news that India government may soon lift export taxes boosted steel companies, limiting overall losses in Mumbai market, analysts said. Nifty metals index rose nearly 2 per cent.
Eicher Motors was the biggest gainer in Nifty 50 index, rising 3.9 per cent, while Bharti Airtel was the top loser, falling 5 per cent.
