Markets on longest losing streak since Feb

Markets on longest losing streak since Feb

Sensex down by 96 pts; Nifty sheds 23 pts to close at 11,279

Mumbai: Benchmark indices buckled under selling pressure for the eighth straight session on Friday -- marking their longest losing streak since February -- as investors remained on the sidelines amid grim global cues and lacklustre corporate earnings.

After a highly volatile session, the 30-share BSE Sensex closed 95.92 points, or 0.26 per cent, down at 37,462.99.

Similarly, the broader NSE Nifty shed 22.90 points, or 0.20 per cent, to settle at 11,278.90. During the week, the Sensex lost a hefty 1,500.27 points, or 3.85 per cent, while the Nifty dived 433.35 points, or 3.69 per cent.

Tata Steel was the biggest loser in the Sensex pack Friday, tumbling 6.10 per cent, following reports that German industrial conglomerate Thyssenkrupp expected the European Commission to "block" its plan to merge its European steel business with the Indian steel giant.

"The earnings season has not panned out well going by the numbers of auto, consumer and private banks' quarterly results. We have started to see signs of slowdown in the economy, going by management commentary of consumer companies," said Sanjeev Zarbade, VP PCG Research, Kotak Securities.

Sectorally, the BSE metal, IT, oil and gas and teck indices declined up to 1.54 per cent. Consumer durables, bankex and finance rose up to 1.51 per cent.

Broader indices outperformed benchmarks, with the BSE midcap and smallcap gaining up to 0.24 per cent. Persistent outflow of foreign funds too weighed on investor sentiment, traders said.

Foreign institutional investors (FIIs) net sold shares worth Rs 655.36 crore on Thursday, while domestic institutional investors (DIIs) purchased equities to the tune of Rs 677.91 crore, provisional data available with stock exchanges showed.

The Indian rupee appreciated marginally to 69.86 against the US dollar intra-day. Global oil benchmark Brent crude was trading 0.38 per cent higher at $70.66 per barrel.

Bourses in China ended significantly higher, with Shanghai Composite Index rallying 3.10 per cent and Hang Seng ending 0.84 per cent higher.

Elsewhere in Asia, Nikkei fell 0.27 per cent, while Kospi rose 0.29 per cent. European stocks were also trading higher in early trade.

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