NEW DELHI: Benchmark indices tumbled for the sixth straigh day on Thursday. Sensex declined by 110 points in a see-saw trade on Thursday amid continued FII selling, disappointing quarterly results and soaring inflation.
The 30-share Sensex dropped 110.64 points or 0.14% to settle at 77,580.31 in a lacklustre trade. The index started on a positive note but lost momentum later due to increased selling. During the day, it dropped 266.14 points or 0.34% to 77,424.81.
Broader NSE Nifty dropped by 26.35 points or 0.11% to close at 23,532.70, extending its losing streak to the sixth day. From the 30-share Sensex pack, Hindustan Unilever, NTPC, Nestle, IndusInd Bank, Power Grid, Adani Ports, Tata Motors and Bajaj Finserv were the major laggards. Reliance Industries, Kotak Mahindra Bank, Tech Mahindra, Mahindra & Mahindra and HDFC Bank were among the gainers.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,502.58 crore on Wednesday, while domestic institutional investors (DIIs) bought shares worth Rs 6,145.24 crore, according to exchange data. “The domestic market experienced a lacklustre trading, but some stability was observed throughout the day, from the low.
The sustainability of this trend remains uncertain as FIIs continue to be on the selling side. But on a positive note the degree of selling is reducing,” Vinod Nair, Head of Research, Geojit Financial Services said.
After a brief positive start driven by gains in HDFC Bank, Reliance, and major IT stocks, both Sensex and Nifty reversed the course as global pressures and persistent foreign investor selling weighed on sentiment, Vikram Kasat, Head - Advisory, PL Capital - Prabhudas Lilladher, said.