Mumbai | The benchmark index of the Bombay Stock Exchange (BSE) dropped for the seventh session in a row today by 490.52 points to settle at 28,227.39 due to heavy selling in select stocks such as Capital Goods, Realty, Metal, Auto and Bankex coupled with growing concerns over exit polls that predicted that the BJP may face electoral defeat in Delhi and consequently may not gain control in the Upper House of Parliament.
A disappointing December quarter earnings over the weekend also weighed on sentiments as current stock valuations priced in the prospect of higher profits.
The Nifty of National Stock Exchange (NSE) also fell by 134.70 points to 8,526.35.
The Sensex hit the day’s high and low at 28,566.50 and 28,183.32 points respectively. While, the Nifty recorded the day’s high and low at 8,605.55 and 8,516.35 points, respectively.
Foreign portfolio investors sold shares worth net Rs 96.45 crore during the previous trading session on February 06, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth net Rs 115.49 crore on that day.
European stocks declined today, as concerns grew over the political situation in Greece as Greece’s Prime Minister Alexis Tsipras reaffirmed his rejection of the country’s international bailout programme.
Key indices in European countries such as France, Germany and United Kingdom fell by between 1.06 per cent and 1.85 pc.
Asian stocks, however, were mixed, with key indices in Taiwan, Singapore, South Korea and Hong Kong were down by between 0.37 pc and 0.64 pc.
Meanwhile, key indices in Japan, Indonesia and China rose by bwetween 0.11 pc and 0.62 pc.
The BSE Mid-Cap index slid 148.41 points, or 1.41 pc, to 10,342.27. The BSE Small-Cap index shed 165.80 points, or 1.50 pc, to 10,911.51, outperforming the Sensex which was down 1.71 pc.
The market breadth was weaker, with more than two losers for every gainer on BSE. Altogether 1,911 shares declined and 927 advanced while 112 were unchanged.
A total turnover on BSE amounted to Rs 3,152 crore, compared with a turnover of Rs 4,216.09 crore during the previous trading session.
Tata Steel fell by 5.79 per cent while GAIL and and Sesa Sterlite dropped up to 4.53 per cent.
State Bank of India, ICICI Bank, HDFC Bank, ITC and Tata Motors declined up to 3.65 per cent.
Metal stocks also declined as weak Chinese import data fuelled the worries over the economic growth, Jignesh Chaudhary, Head of Research, Veracity Broking Services, said.
Of 30 Sensex scrips, 24 stocks ended lower while remaining six finished higher.
Dr Reddy’s Lab rose by 2.01 per cent, ONGC 1.51 per cent, Bajaj Auto 1.40 per cent, Sun Pharma 1.37 per cent, Infoys 1.11 per cent and Wipro by 1.06 per cent.
Foreign funds continued to remain net sellers on domestic bourses which weighed on the sentiment and added to selling, equity brokers said. FPIs sold shares worth Rs 96.45 crore on last Friday, as per the provisional data. Mixed trend at other Asian markets and a weak opening at European markets also weighed on sentiments here.
Among the S&P BSE sectoral indices Captial Goods fell by 4.31 per cent, Realty 2.73 per cent, Metal 2.54 per cent, Auto 2.27 per cent, Banking 2.06 per cent, Power 1.57 per cent, Consumer Durable 1.26 per cent and FMCG 1.19 per cent.
Small-cap and Mid-cap indices also fell by 1.50 per cent and 1.41 on persistent selling pressure from retail investors.
As a result, the total market breadth remained negative as 1,911 stocks ended in red, 927 finished in green while 112 ruled steady. The total turnover dropped further to Rs 2,955.11 crs from Rs 3,194.19 crs on Friday.
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