Markets decline for 2nd day as Sensex falls 466 points on selling in pvt banking, metal stocks

Mumbai: Declining for the second consecutive day, benchmark Sensex retreated by nearly 466 points on Friday following selling in private banks, metal and power shares and a weak trend in global markets.

The 30-share BSE Sensex tanked 465.75 points or 0.55 per cent to settle at 83,938.71 as 25 of its constituents fell and five advanced. The 50-share NSE Nifty fell by 155.75 points or 0.60 per cent to 25,722.10.

Foreign fund outflows, mixed corporate earnings and the lack of clarity on the US Federal Reserve’s future rate action continued to hurt investor sentiment, analysts said.

From the Sensex firms, Eternal, NTPC, Kotak Mahindra Bank, ICICI Bank, Bajaj Finserv, Power Grid, Trent and HDFC Bank were among the major laggards.

However, Bharat Electronics, Larsen & Toubro, Tata Consultancy Services, ITC and State Bank of India were the gainers.

The BSE midcap gauge declined 0.55 per cent and smallcap index dipped 0.40 per cent.

Utilities tanked 1.28 per cent, followed by metal (1.15 per cent), power (1.03 per cent), services (0.91 per cent), commodities (0.90 per cent), consumer durables (0.70 per cent) and financial services (0.69 per cent). Energy, industrials, capital goods and oil & gas were the gainers.

A total of 2,370 stocks declined while 1,784 advanced and 155 remained unchanged on the BSE.

The rupee slipped just one paisa to settle almost flat at 88.70 against the US dollar on Friday, as weak domestic equities and a firm American currency in overseas markets offset the gains from lower crude oil prices.