Nifty 50 index ended below important psychological level of 11,100 for the first time since March 8.The S-P BSE Sensex and NSE Nifty 50 Indexes erased intraday gains and extended declines to second straight day dragged by selling pressure in banking, financial services and auto sector shares.
The 50-share Nifty 50 index ended below important psychological level of 11,100 for the first time since March 8 while the 30-stock BSE benchmark Sensex dropped to lowest level since May 16.
Selling pressure in today's session was broad-based as the Nifty Midcap 100, Nifty Smallcap 100 and Nifty 500 Indexes dropped 1 and 2.2 per cent each.The Sensex ended 289 points or 0.77 per cent lower at 37,397 and the NSE Nifty 50 Index fell 0.93 per cent or 104 points to close at 11,085.The foreign investors continue to sell shares in the Indian equity markets after the Budget proposed higher taxes for super rich including trusts and association of persons, a route preferred by foreign portfolio investors to invest in Indian markets.The foreign investors since Budget have sold shares worth Rs.
7,103 crore till yesterday's session, data compiled NSDL showed.All sector gauges compiled by National Stock Exchange barring the Nifty Information Technology Index were trading lower led by the Nifty PSU Bank Index's nearly 5 per cent decline.Nifty Bank, Auto, Media, Metal, Private Bank and Realty sector gauges also declined between 1.3 and 1.6 per cent.Yes Bank was top loser in the Nifty 50 basket of shares, the stock declined 9 per cent to Rs 85.80.
IndusInd Bank, Indiabulls Housing Finance, Hero MotoCorp, Sun Pharma, State Bank of India, Grasim Industries, Tata Steel and JSW Steel were also among the losers, down between 4.3 and 7.2 per cent each.On the flipside, Bharti Airtel, TCS, HCL Technologies, Wipro, HDFC Bank and Larsen - Toubro were among the notable gainers.The overall market breadth was extremely negative as 1,946 shares closed lower while 566 closed higher on the BSE.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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