Sensex Points to Third Consecutive Weekly Fall

The BSE Sensex fell 268.2 points or 0.4% to its lowest in over two-month of 59,689.8 in morning trade on Friday, retreating for the fourth consecutive session, dragged by IT sectors after revenue forecasts of major tech firms sustained challengers with deal wins in Europe.

Domestically, India inflation eased less than expected in December to a 12-month low of 5.72% unable to raise the market sentiment.

All major sectors were trading in the red led by IT stocks, consumer durables and realty services, with notable losses from L&T Technology Services (-6.2%) followed by LTMindtree (-2.5%), Mphasis (-2.3%), and Coforge (-2.2%).

Infosys showed no growth, after posting a 13.4% growth in its Q4 consolidated net profit.

HCL Technology fell 1.5%, after recording a higher-than expected profit for December quarter.

For the week, the index is on its way for a 0.3 fall, the third straight week of weekly drop, amid rising oil prices.