Finance

Market snaps four-week gaining spree, tanks nearly 3%

Market snaps four-week gaining spree, tanks nearly 3%

Mumbai: Lingering uncertainty pulled down the equities, snapping the four-week gaining spree to plunge nearly 3 percent as the benchmark Sensex fell below the psychological 27,000 and the broader Nifty finishing below the key 8,100 level.

Bearishness swamped the market momentum as it tagged continuous selling for the whole of five-trading sessions of the week, bridled by US rate hike fears amid its two day meet and subsequent possibility of interest rate hike while tabling it on December meeting.

Despite good opening at the global-level during the start of week on account of China?s fresh rate cut, the domestic market gains could not be sustained due to lacklustre corporate earnings number which singled the investors mind to sell or preferred to remain in the sidelines.

The market also failed to garner any enthusiasm for the weeks beginning of new F&O series.

The Sensex resumed higher at 27,575.04 and hovered in a range of 27,618.14 and 26,585.20 before closing at 26,656.83, showing a loss of 813.98 points or 2.96 percent.

The Sensex had gained by 1,607.51 points or 6.21 percent in the previous four weeks.

The CNX 50-share Nifty also dropped by 229.65 points or 2.77 percent to 8,065.80.

The CNX Nifty had gained by 426.95 points of 5.43 percent in the previous four weeks.

Barring Consumer Durable sector, which saw some buying interest, rest all other counters witnessed intense selling pressure mainly led by Capital Goods, PSUs, Realty, Banks, FMCG, Metals, Oil&Gas, Power, Auto, Teck, HealthCare, IT and Power.

The broader markets, shares of midcap and smallcap companies also jumped the wagon of selling along with its peers.

20 scrips out of the 30-share Sensex pack ended lower, while ten others closed higher.

Major losers were Axis Bank (9.65 pct), Lupin (7.38 pct), ITC (6.59 pct), Larsen (6.56 pct), Coal India (6.30 pct), HDFC (6.24 pct), SBI (6.19 pct), Gail India (5.31 pct), M&M (5.22 pct), BHEL (5.20 pct), ONGC (3.56 pct), Icici bank (3.20 pct), Bharti Airtel (2.79 pct) and VEDL (2.20 pct).

Among the S&P BSE sectoral indices, Capital Goods fell by 4.40 pct followed by Realty 3.68 pct, bankex 3.48 pct, FMCG 3.31 pct, Metal 2.98 pct, Oil&Gas 2.91 pct, Power 1.95 pct and Auto 1.30 pct.

Small-cap and Mid-cap indices also dropped by 1.77 pct and 1.47 pct respectively.

The total turnover during the week on the BSE and NSE rose to Rs 14,135.95 crs and Rs 90,401.01 crs respectively as against the last weekend’s level of Rs 11,409.59 crs and Rs 64,377.19 crs.

 

[“source -Zeenews”]

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