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Business News/ Market / Stock-market-news/  Sensex falls 316 points, closes at 2-week low of 24,223.32
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Sensex falls 316 points, closes at 2-week low of 24,223.32

Sensex slips for the third day on sustained foreign fund outflows amid global rout on concerns over slowing growth after oil prices resumed slide

The rupee, which again breached the 68-mark against the dollar also had its bearing on the market. Photo: ReutersPremium
The rupee, which again breached the 68-mark against the dollar also had its bearing on the market. Photo: Reuters

Mumbai: Equities remained under pressure for a third day as the S&P BSE Sensex saw a deep plunge, falling by 316 points to close at a two-week low of 24,223.32 on sustained foreign fund outflows amid global rout on renewed concerns over slowing growth after oil prices resumed slide.

Moreover, the rupee, which again breached the 68-mark against the dollar also had its bearing on the market.

Global sentiment, already dampened by concerns over China’s economic growth, took a further hit after oil again dipped below $30 a barrel in Asian trade.

Meanwhile, a monthly PMI survey showing that India’s services sector activity touched a 19-month high in January failed to lift the market mood.

Resuming lower at 24,393.59, the Sensex touched the day’s low of 24,187.54, following widespread losses in blue-chip stocks as selling activity accelerated. However, the index later recovered a bit to touch a high of 24,409.26 before winding up at 24,223.32, a fall of 315.68 points, or 1.29%. This is the lowest closing since 21 January 21. The gauge has lost 647 points in the three straight days.

The NSE Nifty also remained under pressure and slipped below the 7,400-level by dropping 93.75 points, or 1.26% to close the day at 7,361.80.

Out of the 30-share Sensex pack, 26 scrips ended lower. Bharat Heavy Electricals Ltd was the worst-hit, down 4.86% followed by NTPC Ltd at 4.10%. Others laggards included Tata Steel Ltd, ICICI Bank Ltd, Tata Motors Ltd, Axis Bank Ltd, Cipla Ltd, Reliance Industries Ltd, State Bank of India, Asian Paints Ltd, Wipro Ltd, Oil and Natural Gas Corp. Ltd and Adani Ports and Special Economic Zone Ltd.

Bucking the trend, Hindustan Unilever Ltd gained the most by surging 2.66%, Tata Consultancy Services rose 0.77%, while Sun Pharmaceutical Industries Ltd and Bajaj Auto Ltd rose by up to 0.24%. Sectorwise, the BSE power index suffered the most by falling 4.16%, followed by capital goods 2.79%, realty 2.63%, infra 2.30%, metal 2.03%, PSU 1.96%, banking 1.63%, auto 1.62% and oil and gas 1.58%. The broader markets also performed weak with the BSE small-cap index ending 2.25% down while the mid-cap fell 1.30%.

Elsewhere, key indices in Asia, like Hong Kong, Japan, Singapore, China, South Korea and Taiwan moved down by up to 3.15%. In Europe, France, Germany and the UK-based indexes fell by up to 2.47% in early trade.

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Published: 03 Feb 2016, 09:33 AM IST
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