Sensex sheds 146 points in opening trade on earning concerns

Nov 16, 2011 |

mumbai

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The BSE benchmark Sensex shed over 146 points in opening trade on Wednesday, continuing its losing streak for the fifth day in a row on sustained selling triggered by poor second quarter corporate earnings and a weak trend on other Asian bourses.

The 30-share BSE index, which has lost over 686 points in the past four sessions, declined by 146.22 points, or 0.86 per cent, to 16,736.45 in opening trade.

In a similar fashion, the wide-based National Stock Exchange Nifty index fell by 38.75 points, or 0.76 per cent, to 5,029.75.

Stocks of capital goods, oil and gas, banking, metal and auto companies remained under selling pressure in the absence of positive cues.

Brokers said the investor sentiment was distinctly weak following poor corporate results for the July-September quarter, escalating selling by funds as well as retail investors.

In addition, a slowdown in industrial growth and rising inflation were other dampening factors, they said.

Meanwhile, in the Asia region, Hong Kong's Hang Seng Index fell by 1.94 per cent, while Japan's Nikkei Index shed 0.72 per cent in early trade on Wednesday.

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