Heavy profit booking in information technology (IT), real estate and technology stocks push the benchmark Sensex to its one- week low on Thursday. Sensex fell by 81.61 points to its weekly low of 21,774.61 while the broader index, Nifty slid by 23.80 points to 6,493.10. While equity markets continued to correct from its all time highs, rupee rose by five paise to Rs 61.17 per dollar backed by heavy dollar selling.
After early losses, the Sensex recovered but traded in a narrow range on mixed Asian trends and better European opening. Towards the session end, IT stocks, particularly Infosys, came under severe selling pressure, pulling down the bellwether index to 21,774.61, a fall of 81.61 points from its previous close. The Sensex had closed at 21,513.87 points on March 6.
Infosys was the biggest loser on Sensex as it crashed by 8.54 per cent after the company said it expected muted growth in January-March quarter and even probably in the next financial year. Of the 30 stocks comprising Sensex, 13 stocks declined and on Nifty, off the 50 stocks, 25 shares ended the session with losses. Meanwhile, rupee gained five paise and ended the session at Rs 61.17 per dollar on fresh selling of the US currency by exporters, snapping the two-day losing trend. Signs of sustained capital inflows aided the rupee recovery but weak equities capped the rise to some extent, a forex dealer said.