Market down for sixth-straight session; Sensex falls 157 pts
Mumbai: Sharp jump in Brent crude oil price along with subdued quarterly earning results and a weak rupee pulled the key equity indices lower for a sixth straight session on Thursday.
Lately, outflows of foreign funds, caution on the fiscal slippage front have dampened investors’ sentiments.
The S&P BSE Sensex lost 157.89 points or 0.44 per cent to settle at 35,876.22 after it opened slightly higher from its previous close of 36,034.11, while the Nifty closed 47.60 points lower at 10,746.05.
However, S&P BSE Mid-cap gained 0.52 per cent while the Small-caps also surged 0.17 per cent after under performing for the past week.
“Market extended losses despite positive global market as investors continued to give more focus on domestic cues while assessing global developments. Moderation in WPI to 2.76 per cent in January provides an insight about the slowdown in the economy and earnings growth,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair added that Mid and Small cap rebounded “after many days of correction, however investors are yet to find stability in the market in expectation of election outcome”.
According to Essel Mutual Fund’s CIO Viral Berawala, “WPI inflation came in at 2.76 per cent from 3.80 per cent on month-on-month basis due to decline in core inflation, leading to gains in banking stocks”.
“This selling combined with some profit booking in consumer sector led to markets trading weak,” Berawala said.
Yes Bank logged its sharpest intra-day gain after surging over 30 per cent following Reserve Bank of India’s clean chit on any divergence in bad loan reporting.
Scrips of the private lender closed 30.73 per cent higher at Rs 221 from its previous close of 169.05. It surged up to 32 per cent, touching an intra-day high of 223.70.
It was followed by Tata Motors (DVR), Tata Motors, Sun Pharma and IndusInd Bank inching up in the range of 1 to 4.5 per cent.
Bharti Airtel, Infosys, Asian Paints, Reliance Industries and Coal India declined 1 to 3 per cent.