Reforms uncertainty hits Sensex; dn 135 pts on fag end selling

After giving up all of its gains in last half hour, the benchmark BSE Sensex today ended the day lower by 135 points -- its biggest single-day fall in two weeks -- as fears took hold that key reforms bills, including GST, may not be passed in the Monsoon Session.
The fall was mainly due to late sell-off by participants, which wiped out whatever gains the benchmark had notched up earlier in the day.
"Last half hour of selling pressure drags indices lower shedding day's gains. Logjam in the Parliament continues and GST bill seems unlikely to be cleared in this monsoon session," said Gaurav Jain, Director at Hem Securities.

Weak rupee and sell-off by foreign investors too hit the sentiment, he added.
Investors got the jitters on concerns that governments' reforms process will get delayed as key GST and Land Bills may spill over to the next session as Lok Sabha and Rajya Sabha stood adjourned for yet another day amid continued Opposition protest, brokers said.
The gauge opened on a higher note at 28,250.78 and stayed in the positive zone for most part to touch the day's high of 28,417.59 on the back of value-buying in several blue-chips amid optimism that easing global crude oil prices will cut country's import bill.

Meanwhile, Brent crude for delivery in September fell 36 cents to USD 48.25 per barrel.

However, fag-end selling by investors as well as funds, ate into the gains and took the benchmark back to the negative territory, which hit a low of 28,017.85 before settling at 28,101.72 points, a fall of 134.67 points, or 0.48 per cent, marking it as the biggest single session fall since July 27.
The benchmark Sensex swung almost 400 points during the day. The index had lost 61.74 points in Friday's session.
The 50-share Nifty, after reclaiming the 8,600-mark, touched the session's high of 8,621.55 intra-day, before settling lower by 39 points, or 0.46 per cent, at 8,525.60.

A mixed close at other Asian markets and a lower opening in Europe influenced sentiment, brokers added. The Shanghai Composite ended the day higher.