Sensex ends 535 points lower, Nifty just above 13,800; Maruti falls 3.5%


The benchmark indices fell more than a per cent for a fifth day in a row as foreign portfolio investors (FPI) intensified their selling ahead of the Budget on Monday.


A sharp fall in the US on Wednesday and weak opening in other Asian weighed on sentiment of domestic investors causing the Sensex to drop nearly 900 points in intra-day trade. The Sensex ended at 46,874.4, down 535 points, or 1.1 per cent whereas the fell 150 points, or 1.07 per cent, to end the session at 13,817.


The correction in has led to speculation about asset bubbles and further pullback predictions.


“Markets have turned cautious after the unidirectional upside of the last 10 months. Ambiguity ahead of the budget and profit booking in the global market has curtailed the enthusiasm. Global risk parameters have increased despite the US Fed maintaining its supportive policy,” said Vinod Nair, head of research, Geojit Financial Services.


ALSO READ: India’s gold demand hits 25-yr low in 2020 amid lockdowns, high prices: WGC



FPIs sold over $500-million shares, taking their four-day selling tally close to the $1-billion mark. Domestic institutional investors bought shares worth Rs 1,736 crore.



“Markets may see a breather on Friday after the recent slide, but volatility would remain high. Considering the prevailing scenario and Budget, we suggest continuing with hedged positions and preferring index majors over others,” said Ajith Mishra, vice-president (research), Religare Broking.


HUL ended with a loss of 3.6 per cent. fell 3.5 per cent, HDFC Bank, Powergrid, Kotak Mahindra Bank, IndusInd Bank, HCL Tech, and Bajaj Finserv fell more than 2 per cent.


Realty and IT stocks fell the most, and their gauges fell 2.07 per cent and 1.9 per cent, respectively.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor