Sensex dips again, down 130 pts; ADAG stocks recover

Written by: Pti
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Mumbai, Feb 10 (PTI) The BSE benchmark Sensex fell forthe third day today, dipping 130 points to 17,463.04, onconcerns over corporate earnings against the backdrop of highinflation and rising interest rates.

Intra-day, it fell to nearly 8-month low of 17,362.59 asoverall investor sentiment remained negative on reports thatIndia''s economic growth rate may slip next fiscal.

Major contributors to the fall were heavyweights likeInfosys Tech (2.27 per cent), SBI (3.64 per cent), RIL (1.33per cent) and HDFC (2.01 per cent).

Besides, telecom counters suffered the most on wideningCBI probe in 2G spectrum (radio waves) scam and sectoralregulator Trai''s recommendations on spectrum pricing, which,if accepted, will end up hitting telcos to the tune of over Rs16,000 crore.

IT and realty stocks also were on selling list.

However, yesterday''s badly battered Anil Dhirubai AmbaniGroup (ADAG) companies recovered after the group said lateWednesday that it was a victim of a bear cartel that hascaused a market value loss of over Rs 3.0 lakh crore acrossthe infrastructure sector in past two weeks.

It has written to market regulator Sebi and intelligenceagencies to investigate the matter.

The Bombay Stock Exchange 30-share index resumed in thegreen but immediately fell back to end at a fresh 7-month lowof 17,463.04, a fall of 129.73 points or 0.74 per cent. Instraight three days, it has lost 574.15 points or 3.18 percent.

The NSE 50-issue Nifty also declined further by 27.75points to end at near 8-month low of 5,225.80. It touched theday''s low of 5,196.80. .

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