Indian Markets Slump As Global Cues Remain Weak

Business

oi-Sunil

By Sunil Fernandes

Published: Wednesday, May 4, 2016, 10:56 [IST]

It was the third straight day of losses for the benchmark indices, with the Sensex shedding 100 points, while the Nifty dropped 31 points in trade.

The key domestic benchmark indices remained in the negative terrain during the morning trading session, mirroring weakness in the global peers, coupled with selling pressure from foreign institutional investors.

According to provisional stock exchange data, foreign Institutional Investors turned net sellers in equities worth Rs 755 crore on Tuesday.

In the choppy trade so-far, Sensex touched an intraday high of 25210.87 and an intraday low of 25104.39, while the NSE Nifty touched intraday high of 7738 and intraday low of 7711.9.

Selling pressure persisted in stocks including Adani Ports & Special Economic Zone Ltd. (Rs. 213.45,-9.52%), Tata Motors Ltd. (Rs. 396.00,-3.30%), Tata Steel Ltd. (Rs. 341.35,-2.04%), ICICI Bank Ltd. (Rs. 217.20,-1.87%), Coal India Ltd. (Rs. 276.00,-1.38%), among others.

However, some support came amid buying interest in Housing Development Finance Corporation Ltd. (Rs. 1111.10,+1.06%), NTPC Ltd. (Rs. 138.05,+1.02%), HDFC Bank Ltd. (Rs. 1125.30,+0.70%), ITC Ltd. (Rs. 318.75,+0.58%), Hero MotoCorp Ltd. (Rs. 2899.95,+0.54%), among others.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 1716 , shares advanced were 610 while 1019 shares declined and 87 were unchanged.

On the global front, Asian peers were bleeding after weak manufacturing data from China and UK raised global growth concerns. Among the major indices, Straits Times and Hang Seng were down over 1 per cent each while China's Shanghai Composite was trading flat.