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Sensex, Nifty close lower for second straight session

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The Sensex and Nifty closed lower for the second straight session in trade  today on negative global cues and weak rupee.

While the Sensex fell 224 points or 0.59% to 37,644 level, Nifty closed 0.65% or 73 points lower at 11,355 level as global markets crashed amid fears that financial crisis in Turkey could spread to other economies.

Meanwhile, the rupee hit an all-time low of 69.91 intra day tracking weakness in global currencies.

Infosys (1.75%), Sun Pharma (1.65%) and Wipro (1.31%) were the top Sensex gainers.

IT sector stocks were the top gainers today due to a fall in rupee.

The BSE IT index rose the most among the 19 sectoral indices to close 1.24% or 182 points higher at 14,865 level.

A fall in rupee translates to higher income for IT firms. IT companies earn most of their revenues in dollars. So, each dollar earned abroad will now get them more rupees.

Banking and oil and gas indices on the BSE were the worst losers with BSE bankex falling 1.20% or 380 points to 31,368 level.

The BSE oil and gas index too fell 1.93% or 290 points to close at 14,804.

Vedanta (3.40%), SBI (3.17%) and YES Bank (3.11%) were the top Sensex losers.

Market breadth was negative with 956 stocks closing higher compared to 1724 falling on the BSE.