Sensex falls for fifth straight session; ONGC down 3.2 pct

MUMBAI (Reuters) – The BSE Sensex and Nifty fell for the fifth straight day to a two-week low on Thursday, dragged down by explorers such as Oil and Natural Gas Corp(ONGC.NS) after a fall in crude prices, while subduded markets across the region also dampend sentiment.

However, losses were limited as technology stocks advanced after Cognizant Technologies forecast a pick-up in annual revenue growth, while a strong response to HDFC Bank’s (HDBK.NS) $ 1.6 billion share offering also bolstered sentiment.

The benchmark Sensex closed 0.11 percent lower at 28,850.97 points, while the broader Nifty fell 0.14 percent to 8,711.70 points.

Oil explorers fell with ONGC down 3.2 percent and Cairn India Ltd (CAIL.NS) closing down 2.7 percent after oil prices fell on Thursday, extending big losses logged in the previous session.

Lenders also fell, with ICICI Bank (ICBK.NS) down 2.6 percent, falling for the sixth straight session after its earnings fell short of some analysts’ expectations, while Indian Overseas Bank (IOBK.NS) fell 9.8 percent after its bad loans surged.

(Reporting by Indulal PM; Editing by Sunil Nair)

Rules of Discussion on Sensex falls for fifth straight session; ONGC down 3.2 pct

1. This forum is for discussion of financial markets. Please respect others view even if they are contrary to you.
2. Member's comments should lead to value addition in forum discussion.
3. If anyone is found making repetitive Explicit/Abusive/Racial comments, his account shall be banned and old posts will be deleted.
Loading comments …