Markets sinks for 3rd day as heavy selling sap risk appetite

Mumbai: Equity benchmarks spiralled lower for the third session on the trot on Friday as relentless selling by foreign funds and weakness in global markets sapped risk appetite.

A mixed earnings scorecard and unsustainable valuations in some pockets further weighed on market mood, traders said.

Investors' wealth has eroded by over Rs 6.15 lakh crore in three days of market decline amid weak global cues and persistent selling by foreign funds.

Opening lower after the previous session's heavy selloff, the 30-share BSE Sensex managed to cross the 60,000-mark in late-morning trade, but failed to sustain the momentum. It finally closed 677.77 points or 1.13 per cent lower at 59,306.93.

Similarly, the broader NSE Nifty plunged 185.60 points or 1.04 per cent to end at 17,671.65.

Tech Mahindra was the top loser in the Sensex pack, shedding 3.53 per cent, followed by NTPC, IndusInd Bank, Kotak Bank, L&T and Reliance Industries.

On the other hand, UltraTech Cement, Dr Reddy's, Maruti, Tata Steel, Titan and ICICI Bank were among the gainers, spurting as much as 2.61 per cent. On a weekly basis, the Sensex tumbled 1,514.69 points or 2.49 per cent, while the Nifty lost 443.25 points or 2.44 per cent.

Sectorally, BSE energy, IT, teck, bankex, finance and utilities indices fell up to 1.90 per cent on Friday, while basic materials, realty, healthcare and auto closed with modest

gains. Broader BSE midcap index ended 0.16 per cent higher, while the smallcap gauge dipped 0.38 per cent.

Meanwhile, international oil benchmark Brent crude advanced 0.23 per cent to $83.85 per barrel.

The rupee gained 4 paise to close at 74.88 against the US dollar on Friday as IPO-related inflows supported the

local unit. Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth Rs 3,818.51 crore, as per exchange data.