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Stock market falls for 2nd straight session; Sensex dips 90 points
Equities fell for a second straight session on Monday as the BSE Sensex gave up all of its early gains to end lower by 90 points at 27,746.66 on widespread fag-end selling amid weaker opening in the European markets.
Mumbai: Equities fell for a second straight session on Monday as the BSE Sensex gave up all of its early gains to end lower by 90 points at 27,746.66 on widespread fag-end selling amid weaker opening in the European markets.
Things changed dramatically in the last one hour as profit-booking emerged and Europe-based shares opened lower following the failed coup attempt in Turkey at the weekend.
The first half was upbeat, driven by better-than-expected earnings jump by Reliance Industries. Shares of the firm rose to a high of Rs 1,039 intra-day, but later on profit-booking it fell to end the session 0.82 percent down at Rs 1,004.25.
FMCG major Hindustan Unilever shares fell 2.04 percent to Rs 920.45 after company reported lower-than-expected 3.6 percent revenue growth for the first quarter.
"Market has already factored in the passage of GST bill, hence it is waiting before the start of the discussion. Additionally, the start of Q1FY17 result has been subdued which is creating extra volatility in the market," said Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services.
Sensex started-off on a strong foot and regained the 28,000-mark to hit a high of 28,013.50. However, on selling in key bluechips it slipped to a low of 27,697.69, before settling 89.84 points or 0.32 percent lower at 27,746.66.
The NSE Nifty finished 32.70 points or 0.38 percent down at 8,508.70. It shuttled between 8,587.10 and 8,494.35.
The broader markets too depicted a weak trend as retail investors locked-in gains. The BSE mid-cap index fell 0.62 percent and small-cap index shed 0.48 percent.
Shares of of telecom operator, Idea Cellular plunged by 6.52 percent to Rs 103.90 after company announced up to 67 percent reduction in 4G and 3G BIG internet packs rates.
Elsewhere, Asian stocks mostly closed higher, showing little reaction to a failed coup in Turkey, although investors responded to a data out of China suggesting that the country's housing market was expanding at less frenetic pace.
Most of the European stocks were trading lower as investors digested a number of geopolitical events including the failed coup in Turkey. Asian indices like Hong Kong, Japan, South Korea, Singapore and Taiwan gained 0.12 percent to 0.68 percent while China fell 0.35 percent.
European indices like France and Germany fell 0.40 percent and 0.19 percent, respectively, while the UK rose 0.35 percent.