Global uncertainty over Donald Trump’s likely strong show in US election has also spooked Indian markets, with Sensex extending losses for the fourth day by shedding 97 points to close at a nearly four-month low of 27,430.28 and Nifty dipping below the crucial 8,500-mark.
The emergence of selling pressure towards the fag-end washed out early gains, with participants offloading stocks in mainly oil & gas, realty and IT sectors. However, buying interest was witnessed in select sectors like telecom and FMCG. Besides, investors were keenly awaiting the outcome of the two-day GST Council meet starting on Thursday to finalise a 4-tier tax structure.
Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services Ltd, said, “Markets were not entirely bereft of domestic cues, with textile, pharma and services getting brief fillips. But with global markets still on uncertain footing ahead of US elections, Indian stocks fluctuated. Little respite is expected until at least next week... while consensus on GST rates, could also give a distraction for domestic markets.” Among the 30-scrip bundle, Adani Ports suffered the most by plunging 3.92 per cent to INR 288.10, followed by ONGC by 3.53 per cent to INR 267.55.