Sensex extends losing streak, tanks 297 pts on F&O expiry
Mumbai: Benchmark indices nursed losses for the third straight session on Thursday, led by selling in market heavyweights Reliance Industries and HDFC Bank amid expiry of December derivatives contracts.
After tumbling 328.37 points during the day, the 30-share BSE Sensex ended 297.50 points, or 0.72 per cent, lower at 41,163.76. It hit an intra-day low of 41,132.89.
Similarly, the broader NSE Nifty closed 88 points, or 0.72 per cent, down at 12,126.55.
Bharti Airtel was the top loser in the Sensex pack, dropping 2.23 per cent, followed by Reliance Industries, L&T, Sun Pharma, HDFC Bank, Maruti, Titan and Kotak Bank.
On the other hand, ONGC, NTPC, Tata Steel, Bajaj Finance and M&M rose up to 1.63 per cent.
According to traders, market turned volatile on expiry of December futures and options (F&O) contracts.
Further, investor participation has also thinned on account of year-end holidays in domestic and global markets, they said.
"Market started-off on a flat note on holiday-shortened week, however consolidation extend on account of F&O expiry led volatility and concern over the fiscal math of the government due to possible delay in divestments planned this fiscal.
"Global markets seem to be in comfort zone fuelled by hopes of easing trade tension, while the domestic market is expected to wait for cues from the Budget," said Vinod Nair, Head of Research, Geojit Financial Services.
BSE telecom, energy, capital goods, bankex, oil and gas, teck and healthcare indices lost up to 1.73 per cent.