Weak rupee drags market lower; Pipavav rallies on LIC stake

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Weak rupee drags market lower; Pipavav rallies on LIC stake
Markets lost heavy ground today on lingering fears that a weakening rupee could have an adverse effect on the economic fundamentals of the economy.

The BSE Sensex closed the day lower by 150 points at 17,151 points, while the NSE Nifty closed the day lower by 50.75 points at 5188 points. Hero Motorcorp lost heavy ground today following a set of numbers that disappointed the markets.

Shares of infrastructure company IRB Infra tanked almost 11%, on reports that the Chairman of the company was being investigated in a murder case.

Indian markets ended the day lower despite strong cues from Europe. The German DAX, UK's FTSE and the French CAC were all trading higher.

Among the shares that rallied today were Pipavav Defence, which gained 9%. On Wednesday LIC had increased its stake in the company.

Markets are expected to remain weak, unless there is a sharp recovery globally and the rupee appreciates against the dollar.


Read more about: sensex, nifty
Story first published: Thursday, May 3, 2012, 15:17 [IST]
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