Sensex falls for 5th day; Nifty dips below 8,400-mark
Continuing its losing streak for the fifth straight session, the benchmark BSE Sensex fell by another 103 points in early trade on Tuesday on sustained selling by funds and retail investors coupled with weak corporate earnings figure.business Updated: Apr 21, 2015 17:21 IST
On its fifth-straight session of fall, the benchmark BSE Sensex on Tuesday slipped by 210.17 points to 27,676.04 while NSE Nifty ended below 8,400-level on losses in pharma and FMCG stocks amid sustained foreign fund outflows and corporate earning concerns.
Foreign investors' concerns over retrospective taxation continued to weigh on sentiments, traders said.
FIIs had sold shares worth Rs 1,506.86 crore yesterday, as per provisional data.
Sun Pharma was the top loser on 30-share Sensex by tumbling 8.86% to Rs 961.60 after Japan's Daiichi Sankyo announced sale of its holding in the Indian firm.
Other pharma stocks, Cipla and Dr Reddy's fell by 0.94% and 2.81%, respectively, on the Sensex.
The index opened lower at 27,860.51 on sustained foreign funds outflows and weak quarterly earnings. However, it recovered to touch day's high of 27,976.93 in noon trade on value buying in select stocks.
A round of late selling in select bluechip stocks dragged Sensex down to touch low of 27,598.21 before closing at 27,676.04 points -- its weakest level since March 27 -- down 210.17 points or 0.75%.
The gauge has now lost over 1,370 points in five sessions.
The NSE Nifty slipped below the 8,400-mark by falling 70.35 points or 0.83% at 8,377.75. It shuttled between 8,469.35 and 8,352.70, intraday.
"Domestic factors continue to drive market into further consolidation. Though FIIs selling due to tax woes influenced to an extent, Q4 results will still be the decisive factor for market in the near-term," said Vinod Nair, Head-Fundamental Research at Geojit BNP Paribas Financial Services.
Moreover, the rupee which breached the crucial 63-mark to touch a low of 63.15 at the outset, rebounded by 16 paise to trade higher at 62.75 against the dollar (intra-session).
Sectorwise, the BSE healthcare index suffered the most by falling 3.24%, followed by Auto at 1.31%, FMCG by 1.17%, Oil & Gas 1.08%, Power 0.73%, capital goods 0.48% and realty by 0.37%.
On the day, BSE smallcap fell by 0.32%, while midcap dropped by 0.45%.
Globally, other Asian markets ended in positive zone, while European markets were trading higher in their opening trade.