Markets end in red for sixth day as FPIs look the other way

Mumbai: The Sensex on Tuesday dropped by 27 points to end at nearly one-month low of 31,599.76, extending its losing streak for the sixth day with no let-up in selling by foreign funds amid weak Asian markets.

The 30-share Sensex ended lower by 26.87 points, or 0.08 percent, at 31,599.76 after shuttling between 31,693.59 and 31,455.65.

The barometer had lost 797.13 points in the previous five sessions on lacklustre global cues and unabated foreign fund outflows.

The 50-share NSE Nifty settled a shade lower by 1.10 points, or 0.01 percent, at 9,871.50. During the session, it moved between 9,891.35 and 9,813.

Concerns over stretched valuations of several bluechips as well as midcap stocks too accelerated the selling pace, brokers said.

However, bargain hunting by investors towards the fag-end in recently battered bluechip stocks trimmed day's losses.

In addition, the rupee depreciating to a fresh six-month low of 65.45 against the dollar (intra-day) and spiking crude prices overseas following Turkish threats to block Kurdish oil exports too hurt investor sentiment.

Brent oil hit a two-year high to trade at USD 59.33 per barrel in global market.

Selling by retail investors in the secondary market to raise funds to invest in the primary market by subscribing IPOs of several companies, also fuelled downward trend.