Sensex, Nifty slip for 5th day, end at over two-week lows
The benchmark BSE Sensex extended losses for the fifth straight day by falling over 58 points in early trade on Thursday on sustained selling by funds amid a mixed trend in other Asian markets.business Updated: Feb 05, 2015 18:08 IST
Markets closed in the negative for the fifth straight session on Thursday with the benchmark Sensex frittering away gains on late-selling to end 32.14 points down at over two-week low of 28,850.97 amid high volatility. The NSE Nifty barometer fell by 12 points to end at 8,711.70, its weakest close since January 20, 2015.
After a sedate start, indices surged to highs with the BSE Sensex hitting 29,277.83, up almost 395 points. However, unimpressive corporate earnings and weak global cues pulled Sensex down at 28,850.97, down 32.14 points or 0.11%. In five sessions, the Sensex has plunged 830.80 points or about 2.8%. Thursday's close is Sensex's weakest since 28,784.67 on January 20, 2015. Among the sectoral indices, heavy selling pressure was seen in power, realty and consumer durables while gain in the defensive pack -- IT and FMCG -- provided some cushion. "Markets closed negative for fifth successive session and ended marginally in red amid extreme intra-day volatility.
After a flat start, they rebounded strongly from the day's low but selling pressure in the latter half erased all the gains and pushed them into negative territory," said Religare Securities, President-retail distribution, Jayant Manglik.
Major losers that pulled down indices include Tata Power, Sesa Sterlite, BHEL, ONGC, M&M, Cipla, Tata Steel, HDFC Bank, ICICI Bank, NTPC, Bharti Airtel, GAIL and Hindalco.
Elsewhere in Asia, stock markets ended lower after the European Central Bank on Wednesday abruptly pulled back its soft treatment of Greek debt and cancelled its acceptance of the country's bonds in return for funding, said dealers.
Key indices in Japan, Taiwan, Singapore, China and South Korea ended lower by 0.32% to 1.18% while Hong Kong's Hang Seng index finished 0.35%higher. European markets were also trading lower as key indices in France, Germany and the UK eased by 0.04% to 0.31%.
As many as 20 scrips out of the 30-share Sensex pack As many as 20 scrips out of the 30-share Sensex pack ended lower while ten shares finished higher. Major Sensex laggards include Tata Power (7.48%), Sesa Sterlite (4.06%), ONGC (3.38%), Hindalco (2.80%), BHEL (2.67%), M&M (2.48%), ICICI Bank (2.47%) and Tata Steel (2.39%). Cipla (2.35%), GAIL (2.02%) and NTPC (1.93%), Maruti (1.46%) and Bharti Airtel (1.21%) also ended in the red. However, Wipro rose by 3.18%, followed by Infosys 2.41%, TCS 1.51%, HDFC 1.28%, Axis Bank 1.28% and Coal India 1.01%. Among the S&P BSE sectoral indices, Power fell by 2.80%, followed by Realty 2.74%, Consumer Durable 2.25%, Metal 1.90% and Oil&Gas 1.15%. Among gainers, BSE IT index rose by 2.09% and BSE Teck index 1.34%. Small-cap and mid-cap indices also fell by 1.31% and 1.28% respectively on selling by retail investors. As a result, the total market breadth remained negative. 1,887 stocks ended in red, 1,025 finished in green while 120 ruled steady. The total turnover dropped further Rs 3,698.95 crore from Rs 4,216.09 crore on Wednesday.