Sensex slips 155 points as MAT continue to bug FIIs
The benchmark BSE Sensex on Thursday fell by 155 points to 27,735.02 as government's clarification on taxation policies failed to soothe nerves of investors, leading to profit taking in blue-chip stocks such as SBI.business Updated: Apr 23, 2015 17:50 IST
The benchmark BSE Sensex on Thursday fell by 155 points to 27,735.02 as government's clarification on taxation policies failed to soothe nerves of investors, leading to profit taking in blue-chip stocks such as SBI.
Muted earning numbers, forecast of a below-normal monsoon and fading hopes of a rate cut by the Reserve Bank weighed on sentiments.
Moreover, participants decided to play safe ahead of Q4 result by IT bellwether Infosys on Friday.
Earlier in the day, Minister of State for Finance, Jayant Sinha said that "clarificatory amendments to MAT rules are under consideration of the government".
The 30-share Sensex resumed higher at 27,977.27 and shot up to regain the 28,000-mark in early trade on the back of firming global cues.
However, the index failed to hold onto initial gains due to intense selling pressure in the last 90 minutes and slumped to 27,621.18 before ending at 27,735.02, a fall of 155.11 points or 0.56%.
This is Sensex's sixth fall in last seven sessions.
The gauge had gained 214.19 points in Wednesday's trade after Finance Minister Arun Jaitley said GST bill will be passed in the current session of Parliament.
Also, the NSE Nifty ended 31.40 points or 0.37% down at 8,398.30 after hitting the day's high of 8,504.95 and a low of 8,361.85 during the session.
On the Sensex, Sun Pharma suffered the most by falling 2.55% to Rs 942.45.
Other losers included, SBI, Tata Motors, NTPC, M&M, ONGC, Dr Reddy's, L&T, Infosys, Wipro and RIL.
On 30-share index, as many as 19 scrips ended lower.
Contrary to the market sentiment, shares of metal and consumer durable segments were in the limelight. Tata Steel was the top gainer with a rise of 5 per cent after a report from Bank of America Merrill Lynch (BofA-ML) rated Tata Steel, JSW Steel, SAIL and Jindal Steel & Power as 'buys'.
Meanwhile, Foreign Portfolio Investors (FPIs) sold shares worth Rs 910.15 crore, while Domestic Institutional Investors (DIIs) bought shares worth Rs 217.98 crore yesterday, as per provisional data.
The market breadth remained negative as 1,434 stocks finished with losses, 1,377 stocks rose and 96 ruled steady.
The total turnover fell to Rs 2,963.44 crore from Rs 3,512.10 crore, on Wednesday.