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Business News/ Market / Stock-market-news/  Losses add up for stocks, Sensex, Nifty tumble ahead of F&O expiry
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Losses add up for stocks, Sensex, Nifty tumble ahead of F&O expiry

BSE Sensex closed lower by 64 points, to 30,302, while the Nifty 50 fell 26 points, or 0.27%, to 9,361. Here are the latest updates and developments from the markets

BSE Sensex closed lower on Wednesday. Photo: Ashesh Shah/ MintPremium
BSE Sensex closed lower on Wednesday. Photo: Ashesh Shah/ Mint

Mumbai: Markets swung into weakness for the second day as the Sensex on Wednesday closed just above 30,300 and the Nifty gave up control of 9,400 with no let-up in selling by foreign investors ahead of the derivatives expiry.

Global leads turned negative, giving investors jitters. While Moody’s sovereign credit downgrade of China stoked fears about the lingering impact of the global slowdown, Tuesday’s concert attack in the UK kept sentiment cloudy.

“The imminent release of the minutes from the US Federal Reserve’s most recent meeting put investors on edge and injected a note of caution in the markets," said Karthikraj Lakshmanan, Senior Fund Manager – Equities, BNP Paribas Mutual Fund.

May futures and options contracts are set to expire on Thursday, which made participants wait and watch. The 30-share Sensex ended lower by 63.61 points, or 0.21%, at 30,301.64.

The barometer had lost 205.72 points in the previous session.

The 50-share NSE Nifty regained the key 9,400-mark for some time, but failed to stay put and closed the day down 25.60 points, or 0.27%, at 9,360.55. The explosive border with Pakistan added to the concerns after the Indian Army carried out fire assaults across the Line of Control (LoC), traders said.

L&T saw a huge fall of 3.22%, followed by Cipla 2.40%. Dr Reddy’s, Coal India, SBI and M&M fell by up to 2.24%. Lupin slid 1.71% after the company’s net profit fell 49.61% for the quarter ended March 2017.

Tata Motors emerged as the big gainer by rising 4.30%, largely riding on the stellar show by its British subsidiary Jaguar Land Rover (JLR). Gains in GAIL, Adani Ports, Hindustan Unilever and TCS cushioned the fall. Mid-cap and small-cap stocks moved in tandem with the benchmark indices.

The BSE capital goods index bled the most, down 2.62%, followed by metal (2.23%), healthcare (1.94%) and realty (1.87%). Foreign portfolio investors (FPIs) have been net sellers in the past five straight sessions and sold shares worth a net 400.53 crore yesterday, according to provisional data.

Overseas, most Asian indices ended higher as investors looked forward to US Federal Reserve views on interest rate hike prospects and await an upcoming Opec meeting widely expected to extend production cuts for nine months to March 2018. European shares were mixed.

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Published: 24 May 2017, 09:42 AM IST
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