No respite for markets as Sensex drops 79 points to three-week low

MUMBAI: After Tuesday’s crash, the benchmark Sensex on Wednesday fell further by 79 points to end at three-week low of 26,908.82 on sharp losses in bluechips, including ICICI Bank, ITC, TCS and Hindalco, amid continued capital outflows.

The NSE Nifty index also ended with a loss of 25.25 points at 8,102.10 — its weakest close since December 17.

Market participants said trading was volatile and sentiment remained weak as data showed foreigners on Tuesday sold shares worth over Rs 1,570 crore on the Indian bourses.

The 30-share BSE Sensex on Wednesday fell 78.64 points, or 0.29 per cent, to close at 26,908.82. The gauge shuttled between 26,776.12 and 27,051.60 intra-day.

The Sensex had witnessed its worst crash in five and a half years as stock markets globally went into a tailspin amid speculation about probable exit of Greece from the Euro region and oil prices cracking below USD 50 mark.

“Global markets remained volatile today amidst lack of cues and further depth in oil prices kept market players on the edge of their seats,” said Bonanza Portfolio, associate fund manager, Hiren Dhakan.

Wednesday is the third straight session of decline with the Sensex having lost 980 points in this period.

Meanwhile, the 50-scrip Nifty after breaching the key 8,100-mark intra-day to touch a low of 8,065.45, ended at 8,102.10, down 25.25 points, or 0.31 per cent.

Hindalco shares emerged the biggest loser among 30 Sensex components and 50 Nifty constituents. Shares of ICICI Bank, TCS, GAIL and BHEL also weighed heavily on the indices.

Bucking the trend, some stocks like Hindustan Unilever, RIL and NTPC rose on value-based buying, traders said.

Elsewhere in Asia, markets rebounded and European indices were trading with goods gains amid speculation that inflation data due today will strengthen the case for more ECB stimulus.

Sectorally, the BSE Metal index suffered the most by losing 1.42 per cent, followed by Banking (0.65 per cent), IT (0.49 per cent) and Realty (0.27 per cent) among others.

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