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Sept Series Begins With Losses; Nifty Ends Lower
Benchmark indices ended the day lower, as worries remained over comments from US Fed Chairperson and her outlook on interest rates in the US.
The Sensex ended the day lower by 52 points, for the second day in a row, while the Nifty ended the day lower by 19 points.
Most of the recent Fed speakers have sounded hawkish on a rate hike in the US as early as September. Tech stocks once again bore the brunt of the downfall with Wipro and Infosys among the top losers.
In fact, Infosys is now very close to its 52-week low. It ended trade at almost 2 per cent lower, while Wipro dipped 3 per cent.
Welspun India had a disastrous day in trade with the stock once again plunging by near 9 per cent. With this the stock has now lost almost 56 per cent during the week, after Target severed ties with the company. The drop came despite the company having appointed Ernst and Young, as one of the auditors to check the supply chain audits.
Tata Motors ended the day higher ahead of its results to be declared later today. Meanwhile, the rupee was trading at 67.01 against the US dollar.
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