The BSE Sensex fell for a fifth consecutive session on Thursday to its lowest in 10 weeks as blue chips including banks slumped with the U.S. Federal Reserve continuing to scale back stimulus despite the turmoil in emerging markets.
Risk aversion took a toll on banks, knocking them off 2.7 per cent. The NSE's banking sub-index, which has lost 9.4 per cent in the last six sessions, hit the lowest since October.
Dealers warn the NSE may continue to fall in the medium term as it has breached the 6,100 level - which has served as an important resistance in January and July 2013 - and was around its 100-day moving average.
Traders say foreign inflows and developments in emerging markets would be closely watched. Foreign investors have sold $1 billion in debt in the last five sessions to Tuesday and $412.26 million in shares over last four sessions to Wednesday.
"With most negative news such as rate hike, Fed tapering out of the way, flows and emerging market action would be the key for Indian shares," said G Chokkalingam, founder of research and fund advisory company Equinomics.
The Sensex fell 0.72 per cent, or 149.05 points, to end at 20,498.25, marking its fifth consecutive day of falls.
The Nifty lost 0.76 per cent, or 46.55 points, to end at 6,073.70.
Global equities hit 2-1/2-month lows on Thursday after the Fed announced a further $10 billion cut in its monthly bond purchases in a statement after its two-day policy meeting.
Bank shares led the fall, with ICICI Bank Ltd declining 2.7 per cent and HDFC Bank Ltd losing 2.1 per cent.
Among state-owned banks, State Bank of India fell 3.6 per cent, while Bank of Baroda dropped 4.4 per cent.
In other rate-sensitive stocks, DLF Ltd slumped 4.6 per cent, while IDFC Ltd lost 2.5 per cent.
Bank of India shares plunged 10.7 per cent after its chairman gave muted outlook on asset quality, citing total debt restructuring pipeline of Rs. 1500 crore to Rs. 17 crore by March.
However among stocks that gained, Voltas Ltd rose 7.3 per cent after the company's operating profit beat some analysts' expectations, dealers said.
Risk aversion took a toll on banks, knocking them off 2.7 per cent. The NSE's banking sub-index, which has lost 9.4 per cent in the last six sessions, hit the lowest since October.
Dealers warn the NSE may continue to fall in the medium term as it has breached the 6,100 level - which has served as an important resistance in January and July 2013 - and was around its 100-day moving average.
Traders say foreign inflows and developments in emerging markets would be closely watched. Foreign investors have sold $1 billion in debt in the last five sessions to Tuesday and $412.26 million in shares over last four sessions to Wednesday.
"With most negative news such as rate hike, Fed tapering out of the way, flows and emerging market action would be the key for Indian shares," said G Chokkalingam, founder of research and fund advisory company Equinomics.
The Sensex fell 0.72 per cent, or 149.05 points, to end at 20,498.25, marking its fifth consecutive day of falls.
The Nifty lost 0.76 per cent, or 46.55 points, to end at 6,073.70.
Global equities hit 2-1/2-month lows on Thursday after the Fed announced a further $10 billion cut in its monthly bond purchases in a statement after its two-day policy meeting.
Bank shares led the fall, with ICICI Bank Ltd declining 2.7 per cent and HDFC Bank Ltd losing 2.1 per cent.
Among state-owned banks, State Bank of India fell 3.6 per cent, while Bank of Baroda dropped 4.4 per cent.
In other rate-sensitive stocks, DLF Ltd slumped 4.6 per cent, while IDFC Ltd lost 2.5 per cent.
Bank of India shares plunged 10.7 per cent after its chairman gave muted outlook on asset quality, citing total debt restructuring pipeline of Rs. 1500 crore to Rs. 17 crore by March.
However among stocks that gained, Voltas Ltd rose 7.3 per cent after the company's operating profit beat some analysts' expectations, dealers said.
0 comments:
Post a Comment