Sensex falls over 200 points, Nifty slips below 5800 - NDTV

The BSE Sensex dropped over 200 points, while the broader Nifty slipped below the key 5,800 mark on Wednesday. The Indian rupee breached the 60 mark against the dollar again weighing on Street sentiments. Asian shares fell, hit by worries that the days of easy money from the U.S. Federal Reserve are numbered. High beta metal and realty stocks were worst hit as investors booked profits after recent gains. Banking stocks, which have a large weightage on the benchmark indices, also fell nearly 2 per cent. 41 of the 50 stocks traded lower on the Nifty. Jaiprakash Associates fell over 4 per cent, while state-run Bank of Baroda declined over 3 per cent. State Bank of India, country's largest lender, Reliance Industries and ICICI Bank also saw strong selling pressure. Drugmakers such as Lupin and Ranbaxy and IT stocks were the only gainers on Nifty. IT stocks rebounded after recent underperformance. Despite the selloff, ex perts remained optimistic in their outlook. Market analyst Sarvendra Srivastava said 5,780-5,800 levels should get tested amid Asian weakness, but the overall stance remains bullish. Gaurang Shah of Geojit BNP Paribas Financial Services said there is pain as far as currency is concerned and earnings will be a shade lower than last time, but maintained that there is inherent value in certain stocks and sectors. The Sensex traded 1 per cent lower at 19,270, while the Nifty traded at 5,800, down 57 points as of 09.45 a.m. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNEBfJEhEsixcIIm7yP4fAqOtzC0ng&url=http://profit.ndtv.com/news/market/article-sensex-falls-over-200-points-nifty-slips-below-5800-324006

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