Sensex falls for 3rd day, down over 59 points at four-month low
Mumbai: Extending its losing run to third day, the BSE benchmark Sensex Friday fell by over 59 points to end at a fresh four-month low of 18,450.23 on sustained selling by overseas funds in consumer durables, FMCG, capital goods and power shares, amid a weak global trend.
Fall in ITC, HDFC, ICICI Bank, Infosys, L&T, Tata Motors and NTPC mainly weighed on the 30-share Sensex. The barometer moved erratically in a narrow range of over 135 points before ending at 18,450.23, a fall of 59.47 points or 0.32 percent. In past three days, it is down 590.72 points or 3.10 percent.
"FIIs too turned sellers in the last trading sessions which further weakened sentiments. Political uncertainties along with concerns of continuing slow sales growth in many segments of economy has led the investors to adopt cautionary approach and are seen booking profits on every rally," said Rakesh Goel, Senior Vice President, Bonanza Portfolio Limited.
Global cues are also giving an uncertain scenario in near term as US data is being eyed now, he added.
The broad-based 50-issue CNX Nifty of the NSE also dipped by 21.50 points or 0.39 percent to 5,553.25.
Smart rise in Maruti Suzuki, RIL and ONGC cushioned the market fall to a major extent. Maruti Suzuki was the top gainer with a rise of 7.23 percent on the back of a weak yen which would boost margins by reducing the costs of imports.
Outside benchmark indices, sugar stocks including Andhra Sugar, Balrampur Chini, Oudh Sugar Mill and Uttam Sugar saw gains in 3-20 percent range.
Government partially decontrolled the sector by giving freedom to millers to sell in open market and removed their obligation to supply sugar at subsidised rate to ration shops.
Meanwhile, Foreign institutional investors (FIIs) sold shares worth a net Rs 326.21 crore yesterday, as per provisional data from the stock exchanges.
In Asia, indices like Hang Seng, KOSPI, Strait Times and SET Composite closed down while Nikkei and Jakarta Comp ended up. In Europe, FTSE, CAC 40 and DAX were trading 1.4-2 percent down in afternoon trade.