Market review: Sensex extends losses, down 151 pts to end 2-mth low
Shares of Metal, FMCG, Banking, Consumer Durable and Auto sectors declined sharply on profit-booking while Realty, IT, Healthcare and Refinery counters attracted good buying support at lower levels.
Brokers said wary operators and retail investors turned cautious ahead of the Budget this month-end as also expiry of Futures and Options (F&O) contracts on the same day, and preferred to reduce their positions to pick up fundamentally strong scrips.
The BSE 30-share Sensex resumed up at 19,496.25 and firmed up further to a high of 19,742.42. But, weak global cues on Thursday triggered heavy sell-off on local bourses on concerns over the US Federal Reserve's policy-tightening moves
to reduce liquidity.
The minutes of the last Fed meeting have raised concerns that, the Fed may withdraw the monetary stimulus if there is some improvement in the economic data. This has raised concerns about fund flows across asset classes, including emerging markets.
It then moved downwards to settle at two-month low of 19,317.01, showing a loss of 151.14 points or 0.78 pct. It has lost 786.52 points or 3.91 pct in straight four weeks.
The NSE-50 share Nifty also declined by 37.10 points or 0.63 pct to 5,850.30. IT has also lost 224.35 points or 3.69 per cent in the last four weeks.
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