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Sensex Ends Lower; Loses 1300 Points In 5 Trading Sessions
Benchmark indices closed the day with losses for the 5th Trading Session in a row as results, MAT and falling rupee weighed on sentiments.
The unresolved issue of Minimum Alternate Tax has soured sentiments among Foreign Funds who have sold shares in the cash segment of almost Rs 2200 crores in two trading sessions.
Today's losses were led by losses in shares of Sun Pharma which fell a huge 8 per cent after Daiichi Sankyo sold shares in the company. HCL Tech was the other major loser in trade after its results lagged estimates.
Wipro too joined HCL Tech lower ahead of its results to be declared later today. Banking stocks were rather resilient in trade with Axis Bank, Bank of India and Canara Bank gaining ground, while Kotak and IndusInd Bank lost ground.
Hindustan Unilever fell for a second straight day as foreign funds reportedly sold shares in the counter. Among the outperformers clearly was Sesa Sterlite which rallied a huge 4 per cent in trade. Other gainers were Tech Mahindra and Grasim Industries.
Meanwhile, markets across Asia had a superb run following strong closings across the US markets. The Hang Sang rallied almost 3 per cent, while the Shanghai Composite closed almost 2 per cent higher.
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