The benchmark Sensex shed over 200 points in trade today and continued its downtrend for fifth consecutive day at 11:51 hours. It tried to claw back in opening trade but that fizzled out again on the back of further profit booking, which could be because of outflow of foreign money.
Foreign institutional investors were net sellers to the tune of Rs 2900 crore in previous three sessions and in previous month - they were net sellers of nearly Rs 6,000 crore.
The 50-share NSE Nifty was consistently trading below 5450 level, led by fall in five shares as against one share advanced. It was trading at 5,440, down 65 points and the 30-share BSE Sensex slipped 210 points to 18,117.
Suresh Mahadevan, UBS Securities said FIIs could take the markets down by 10-15%. "Markets have fallen 10% in January on back of macro concerns. While we believe that higher inflation is priced in, we are yet to see significant selling by FIIs that can take markets down by 10-15%. Earning estimates are likely to be revised downwards. The Nifty will find support at 4500 levels."
Technology, capital goods, financial, cement, FMCG, power, healthcare and auto companies' shares were pulling the markets down. However, HDFC, ONGC, Kotak Mahindra Bank, Sterlite, DLF, Hindalco and Axis Bank were only losers in trade.
Wipro, TCS and Infosys from technology pack went down 2-3%. ITC and HUL from FMCG space tumbled 3% & 1%, respectively. Heavyweight Reliance Industries was down 1.4%.
Tata Motors from auto segment plunged over 4%. M&M, Hero Honda and Maruti lost 0.5-1%. In financial space, ICICI Bank, HDFC Bank and SBI were down 0.5-1.2%.
L&T and BHEL from capital goods space slipped two percent each. Reliance Communications and Bharti Airtel from telecom pack declined over 1%. Ambuja Cements and ACC tumbled 2-2.8%.
In midcap space, A2Z Maintenance, Novartis India, Info Edge, ARSS Infra and Glodyne Tech were up 3.5-5%. However, Jain Irrigation, SpiceJet, Escorts, Techno Electric and Kirloskar Oil lost 6-10%.
In smallcap space, Nagarjuna Agri, OCL India, BS TransComm, Phillips Carbon and Twilight Litaka gained 6.5-10% while Gemini Comm, Hawkins Cooker, Vikas WSP, Bheema Cements and India Securities fell 5-7.5%.
Foreign institutional investors were net sellers to the tune of Rs 2900 crore in previous three sessions and in previous month - they were net sellers of nearly Rs 6,000 crore.
The 50-share NSE Nifty was consistently trading below 5450 level, led by fall in five shares as against one share advanced. It was trading at 5,440, down 65 points and the 30-share BSE Sensex slipped 210 points to 18,117.
Suresh Mahadevan, UBS Securities said FIIs could take the markets down by 10-15%. "Markets have fallen 10% in January on back of macro concerns. While we believe that higher inflation is priced in, we are yet to see significant selling by FIIs that can take markets down by 10-15%. Earning estimates are likely to be revised downwards. The Nifty will find support at 4500 levels."
Technology, capital goods, financial, cement, FMCG, power, healthcare and auto companies' shares were pulling the markets down. However, HDFC, ONGC, Kotak Mahindra Bank, Sterlite, DLF, Hindalco and Axis Bank were only losers in trade.
Wipro, TCS and Infosys from technology pack went down 2-3%. ITC and HUL from FMCG space tumbled 3% & 1%, respectively. Heavyweight Reliance Industries was down 1.4%.
Tata Motors from auto segment plunged over 4%. M&M, Hero Honda and Maruti lost 0.5-1%. In financial space, ICICI Bank, HDFC Bank and SBI were down 0.5-1.2%.
L&T and BHEL from capital goods space slipped two percent each. Reliance Communications and Bharti Airtel from telecom pack declined over 1%. Ambuja Cements and ACC tumbled 2-2.8%.
In midcap space, A2Z Maintenance, Novartis India, Info Edge, ARSS Infra and Glodyne Tech were up 3.5-5%. However, Jain Irrigation, SpiceJet, Escorts, Techno Electric and Kirloskar Oil lost 6-10%.
In smallcap space, Nagarjuna Agri, OCL India, BS TransComm, Phillips Carbon and Twilight Litaka gained 6.5-10% while Gemini Comm, Hawkins Cooker, Vikas WSP, Bheema Cements and India Securities fell 5-7.5%.
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