Mkts extend loses on GST worries
Indian stock markets remained in red zone for the sixth day in a row on Wednesday, hit by rising concerns over delay in passing of the much-awaited Goods and Services (GST) Bill in the Parliament.
Sensex tanks 274 points while Nifty sheds 89 points
Mumbai: Indian stock markets remained in red zone for the sixth day in a row on Wednesday, hit by rising concerns over delay in passing of the much-awaited Goods and Services (GST) Bill in the Parliament.
Benchmark index BSE Sensex tanked 274.28 points, or 1.08 per cent, as it extended losses to a sixth straight session, but did not breach the psychologically-important mark of 25,000. It ended the day at 250,036.05, its lowest closing since September 7. Intraday, the index oscillated between 25,012.22 and 25,316.95.
The NSE Nifty, however, cracked below the 7,700-mark as a muted trend in global markets and sustained outflow of foreign funds also impacted the bourses negatively. The broader NSE Nifty tumbled 89.20 points or 1.16 per cent to close at 7,612.50.
Despite some stock specific action, profit-booking was at play as investors mind lingered in a state of uncertainty as the Parliament business was hit for a second day with the Opposition, Congress, holding noisy protests on the National Herald Case.
Participants also blamed the foreign investors, who are continuously reducing their exposure in emerging markets in a run up to the first interest hike by the US Federal Reserve in nearly a decade.
Of the 30-share Sensex, 25 ended in negative territory while five led by BHEL, TCS and ITC, edged higher. Among sectoral indices, metal, healthcare, oil&gas, auto and realty were among the worst hit.
Metal space stocks bore the brunt with Vedanta, Tata Steel and Hindalco falling up to 5.57 per cent, dragging down the sectoral index by 3.07 per cent. The broader markets too felt the heat, with BSE small-cap and mid-cap indices falling 2.24 per cent and 1.76 per cent, respectively. Sensex has now lost 1,133.36 points in six sessions.