Sensex, Nifty Clock Longest Losing Streak Since February
Indian equity benchmarks fell for a fifth day in a row, posting their longest stretch of losses since February 19. The S&P BSE Sensex fell as much as 599 points from day's high and the NSE Nifty 50 Index fell below its important psychological level of 11,500. Analysts say slowdown in growth in like realty, automobiles and FMCG sectors and weak corporate earnings are impacting the market sentiment. Earlier in the day, Sensex and Nifty opened higher on the back of buying interest in Hindustan Unilever, Infosys and Larsen & Toubro but gave up gains in afternoon deals.
The S&P BSE Sensex fell 0.84 per cent or 324 points to end at 38,277 and NSE Nifty 50 Index plunged 0.87 per cent or 100 points to close at 11,498.
"Market is getting the fear of elections and correction can go deeper as well", AK Prabhakar, head of research at IDBI Capital told NDTV.
Corporate earnings are disappointing and negative cues are coming from many sectors including FMCG companies and not much growth is visible in earnings, Mr Prabhakar added.
Sixteen of 19 sector gauges compiled by BSE ended lower led by the S&P BSE S&P BSE Telecom Index's 2.4 per cent gain. Energy, Bankex, metal, Oil & Gas, and Realty Indexes also fell between 1 and 2.2 per cent each.
On the flipside, S&P BSE Information Technology and S&P BSE Capital Goods Indexes were among the gainers, up 0.2 per cent.
Mid- and small-cap shares also witnessed selling pressure as the S&P BSE MidCap Index dropped 0.98 per cent and the S&P BSE SmallCap Index declined 0.85 per cent.
Tata Motors was top loser in the Nifty 50 basket of shares, the stock fell 4.9 per cent to Rs 190. Zee Entertainment, ICICI Bank, Reliance Industries, JSW Steel, Bharti Airtel, BPCL and Vedanta were also among the losers.
On the other hand, Hindustan Unilever, Bharti Infratel, Larsen & Toubro, Wipro and Infosys were among the gainers.
The overall market breadth was bearish as 1,678 shares ended lower while 848 closed higher on the BSE.
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