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Market sell-off continues, Sensex sinks 152 pts

Market sell-off continues, Sensex sinks 152 pts

Mumbai: Falling for the second session, benchmark Sensex shed 152 points today to end at an over one- week low of 33,218.81 on widespread selling in metal, oil and gas, telecom and realty sectors.

Investors locked in gains amid lingering worries of a spurt in oil prices and its impact on inflation and fiscal deficit, brokers said.

The 30-share index, after opening strong at 33,417.35, advanced to hit the day’s high of 33,484.70 on the back of robust foreign fund inflows.

However, it succumbed to profit-booking in late afternoon trade and slumped to 33,157.68, before finishing at 33,218.81, down 151.95 points or 0.46 per cent.

This is its weakest closing level since October 31, when it had ended at 33,213.13.

The broader Nifty slumped 47 points, or 0.45 per cent, to close at 10,303.15 after shuttling between 10,384.25 and 10,285.50.

“Market shows signs of consolidation as investors took one step back from riskier assets due to rising oil price and the resultant impact on inflation and deficit,” said Vinod Nair, Head of Research, Geojit Financial Services.

Foreign portfolio investors (FPIs) net purchased shares worth Rs 461.47 crore yesterday, as per provisional data.

Domestic institutional investors (DIIs) sold shares worth net Rs 2,046.07 crore.

Bharti Airtel took the biggest blow in the Sensex kitty by slumping 3.73 per cent following reports of a Qatar-based entity offloading its entire holding in the company.

Other laggards included Tata Motors, SBI, Lupin, ICICI Bank, RIL, Hero MotoCorp, NTPC, Dr Reddy’s, HDFC, ONGC, Adani Ports, Infosys, Kotak Bank, Wipro, Tata Steel and ITC, falling up to 2.35 per cent.

Public sector lender Oriental Bank of Commerce ended lower by 5.94 per cent following deteriorating asset quality metrics.

Manappuram Finance also ended lower by 3.88 per cent after reporting a 16.6 per cent decline in consolidated net profit for the September quarter.

In contrast, Axis Bank, Asian Paints, Cipla, Sun Pharma, Coal India, Bajaj Auto, M&M, L&T, HUL, TCS, Power Grid and Maruti Suzuki gained up to 3.41 per cent.

Sector-wise, the BSE metal index suffered the most by falling 1.55 per cent, followed by energy (1.50 per cent), telecom (1.49 per cent), oil & gas (1.30 per cent), PSU (1.21 per cent), realty (0.99 per cent), consumer durables (0.88 per cent), power (0.72 per cent), auto (0.67 per cent), bankex (0.52 per cent) and infrastructure (0.38 per cent).

IT and teck sector indices ended in the green.

The broader markets too were in a bearish form, with the small-cap index falling 0.96 per cent and mid-cap dipping 0.77 per cent.

Key indices in rest of Asia declined, with Japan’s Nikkei falling 0.10 per cent, retreating from 25-year highs, while Hong Kong’s Hang Seng shed 0.30 per cent. Taiwan too fell 0.20 per cent but Shanghai Composite Index inched up 0.06 per cent.

In the Eurozone, Paris CAC 40 fell 0.24 per cent while Frankfurt’s DAX shed 0.06 per cent in early deals. London’s FTSE was down 0.04 per cent.

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