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Indian stock market drops to 19-month low on Friday

India Blooms News Service | | Jan 16, 2016, at 01:30 am

#Indian stock market # stock market drops # 19-month low # Indian Rupee

Mumbai, Jan 15 (IBNS): The Indian stock market suffered the sharp correction in oil prices on Friday and dropped to its 19-month low, with the BSE Sensex declining by 1.28% to 24455.04 and Nifty declining by 1.31% to 7437.80.

The Indian Rupee could not stem its fall for the second consecutive day, on Friday,and dipped to a fresh 28-month low to 67.59 against the US dollar.

Hindustan Unilever's earnings disappointed analysts with the company's profits declining 22.4% from the same time a year ago; revenue increased 2.7% with volume growth of 6%.

Zee Entertainment's revenue was up 17% but its profit fell 11%.

The banking sector took a major hit with the SBI, Bank of Baroda, Punjab National Bank and Axis Bank ended as losers.

Vedanta, Tata Steel and Hindalco Industries were the losers among the major metal companies.

Share prices of Tata Motors, L&T, Adani Ports, NTPC, GAIL, ONGC and BHEL also saw a decline.

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