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Business News/ Market / Stock-market-news/  Sensex closes down 263 points in seventh consecutive fall
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Sensex closes down 263 points in seventh consecutive fall

BSE Sensex closed lower by 262.78 points, or 1%, to 25,979.60, while the Nifty 50 of the NSE fell 82.20 points, or 1.02%, to 7,979.10

BSE Sensex fell by 262.78 points on Thursday. Photo: HTPremium
BSE Sensex fell by 262.78 points on Thursday. Photo: HT

Mumbai: Domestic stocks struggled for the seventh day as the Sensex broke below the crucial 26,000-mark to nearly a one-month low by plunging 263 points in absence of any major triggers and a likely hit to quarterly earnings from demonetisation.

This is its longest falling spell since March 2015. Global indices too remained weak in the wake of overnight losses on Wall Street and worries over Italy’s struggling banking sector, which depressed Indian market. The broader NSE Nifty cracked below the 8,000-level and closed at its nearly one-month low, whose fall was the longest since June 2015.

Resuming lower, the Sensex touched the day’s low of 25,940.14 on the back of widespread losses in blue-chips, but recovered marginally to close the day lower by 262.78 points, or 1 %, at 25,979.60. This is the lowest closing since 24 November when it had closed at 25,860.17. The gauge had lost 455.44 points in the previous six straight sessions.

The NSE Nifty remained under pressure and dropped 82.20 points, or 1.02%, to close the day at 7,979.10 after hovering between 8,046.45 and 7,964.95. The Federal Reserve’s hawkish US interest rate forecast last week had led to foreign selling in emerging markets. Sentiment remained downbeat as the cash crunch continued to rankle investors, who were worried about its impact on corporate earnings for the December quarter. Persistent outflows by foreign funds hit it further, brokers said.

According to the Japanese financial services major Nomura, damage to India’s economic growth is likely to be bigger than RBI’s estimates, as there could be a sharper slowdown in the near term and cash shortage is likely to extend to the first quarter of the next year.

Meanwhile, investments in domestic capital markets through participatory notes (P-Notes) plunged to its lowest level in nearly three years to Rs1.79 lakh crore in end-November. Losses in the markets were broad-based with mid-cap and small-cap index falling by 1.47% and 1.25 %, respectively.

From the 30-share Sensex space, Adani Ports was the worst-hit, down 3.56%, followed by Tata Steel at 3.09%. Others losers included ONGC, Bharti Airtel, Tata Steel, NTPC, L&T, Infosys and SBI. ITC gained the most by rising 0.51%while Asian Paints rose 0.38 %.

Foreign funds net sold shares worth Rs1,178.08 crore on Wednesday, as per provisional data. The BSE metal index suffered the most by falling 2.78%, followed by infrastructure 2.06%, consumer durables 1.90% and power 1.67%.

Japan’s Nikkei fell 0.09 % while Hong Kong’s Hang Seng shed 0.80 %. Shanghai Composite Index, however, edged higher 0.07 %. European markets were down in early trade with London’s FTSE falling 0.11%, Frankfurt 0.10% and Paris 0.05%.

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Published: 22 Dec 2016, 09:43 AM IST
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