ALSO READMarkets pare morning gains, Sensex slips below 30,000 ahead of Fed meet North Korea tensions spook markets Sensex, Nifty snap four-session gaining streak, down 1% on N Korea tensions Sensex scales 32,000 on rate cut hope; Nifty 1% away from 10,000 Markets trade at day's low; Nifty below 9,600 on negative global cues
Market rundwn by Anand James, Chief Market Strategist of Geojit Financial Services Updates of military action in the Eastern border impelled the market to hasten the market’s falls which was already in a slippery slope ahead of F&O expiry. Sharp weakness in rupee and a rise in VIX also meant that risk takers were few. FII being reluctant buyer in Indian equities this month, and a volley of IPOs had earlier meant that the secondary market was finding hard to sustain at the 20 month peaks. Pharma was one of the biggest sectoral loser, down nearly 3% with Divi's Lab down over 10% for the day. Source: NSE Markets Check Nifty ended the day at 1.5 month low while the BSE Sensex settled at 3-month low. In broader markets, the BSE Midcap and BSE Smallcap indices shuts at 5-week low Sectoral Trend Source: NSE Nifty PSU Bank index ends at 2.5 month low Nifty PSU Bank index fell over 3% with all constituents trading in red. Source: NSE Top Sensex gainers and losers Source: BSE
Investors were also on edge after rupee sank to a more than six-month low on foreign fund outflows.