The sensex slid for the fifth consecutive session on Wednesday, closing 107 points lower at 16,776, its four-week closing low as weak global cues and slowing domestic earnings weighed on investor sentiments. The weak stock market combined with the strength of the US dollar against other major currencies led the rupee to dip close to the 51 to a dollar mark — a fresh 32-month low level — but settled at 50.74, weaker by 7 paise from Tuesday’s close. For both, the stock market and the rupee, market players are taking a bearish stance since they feel there is no positive trigger that can act as an agent for the current trend to reverse.
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