Markets closed in the negative for the fifth straight session today with the benchmark Sensex frittering away gains on late-selling to end 32.14 points down at over two-week low of 28,850.97 amid high volatility.
The NSE Nifty barometer fell by 12 points to end at 8,711.70, its weakest close since January 20, 2015.
After a sedate start, indices surged to highs with the BSE Sensex hitting 29,277.83, up almost 395 points. However, unimpressive corporate earnings and weak global cues pulled Sensex down at 28,850.97, down 32.14 points or 0.11 per cent.
In five sessions, the Sensex has plunged 830.80 points or about 2.8 per cent. Thursday’s close is Sensex’s weakest since 28,784.67 on January 20, 2015.
Among the sectoral indices, heavy selling pressure was seen in power, realty and consumer durables while gain in the defensive pack — IT and FMCG — provided some cushion.
“Markets closed negative for fifth successive session and ended marginally in red amid extreme intra-day volatility. After a flat start, they rebounded strongly from the day’s low but selling pressure in the latter half erased all the gains and pushed them into negative territory,” said Religare Securities, President-retail distribution, Jayant Manglik.
Major losers that pulled down indices include Tata Power, Sesa Sterlite, BHEL, ONGC, M&M, Cipla, Tata Steel, HDFC Bank, ICICI Bank, NTPC, Bharti Airtel, GAIL and Hindalco.
Elsewhere in Asia, stock markets ended lower after the European Central Bank yesterday abruptly pulled back its soft treatment of Greek debt and cancelled its acceptance of the country’s bonds in return for funding, said dealers.
Key indices in Japan, Taiwan, Singapore, China and South Korea ended lower by 0.32 per cent to 1.18 per cent while Hong Kong’s Hang Seng index finished 0.35 per cent higher.
European markets were also trading lower as key indices in France, Germany and the UK eased by 0.04 per cent to 0.31 per cent.
As many as 20 scrips out of the 30-share Sensex pack ended lower while ten shares finished higher.
Major Sensex laggards include Tata Power (7.48 per cent), Sesa Sterlite (4.06 per cent), ONGC (3.38 per cent), Hindalco (2.80 per cent), BHEL (2.67 per cent), M&M (2.48 per cent), ICICI Bank (2.47 per cent) and Tata Steel (2.39 per cent).
Cipla (2.35 per cent), GAIL (2.02 per cent) and NTPC (1.93 per cent), Maruti (1.46 per cent) and Bharti Airtel (1.21 per cent) also ended in the red.
However, Wipro rose by 3.18 per cent, followed by Infosys 2.41 per cent, TCS 1.51 per cent, HDFC 1.28 per cent, Axis Bank 1.28 per cent and Coal India 1.01 per cent.
Among the S&P BSE sectoral indices, Power fell by 2.80 per cent, followed by Realty 2.74 per cent, Consumer Durable 2.25 per cent, Metal 1.90 per cent and Oil&Gas 1.15 per cent.
Among gainers, BSE IT index rose by 2.09 per cent and BSE Teck index 1.34 per cent.
Small-cap and mid-cap indices also fell by 1.31 per cent and 1.28 per cent respectively on selling by retail investors. As a result, the total market breadth remained negative. 1,887 stocks ended in red, 1,025 finished in green while 120 ruled steady.
The total turnover dropped further Rs 3,698.95 crore from Rs 4,216.09 crore yesterday.