Markets fall for sixth session; FII sell-off continues

The benchmark BSE Sensex and the National Stock Exchange’s Nifty fell for a sixth straight trading session on Tuesday, as economic and geopolitical concerns weighed on investors’ sentiment. The Sensex, after dropping as much as 171 points during the intra-day trade, closed at 31,599.76, down 26.9 points, or 0.1 per cent. The index has lost 824 points, or 2.54 per cent, in the last six trading sessions. 

The Nifty 50 index closed at 9,871.5, after losing 281.5 points, or 2.85 per cent, in the last six sessions. Both the indices are at their lowest levels since August 24. The rupee also depreciated for the fourth day to end at 65.45 against the dollar. Foreign institutional investors (FIIs) on Tuesday pulled off Rs 1,916 crore from the domestic market. FIIs have sold shares worth $1.1 billion this month. 

“The market recovered from intra-day losses and settled flat, as investors found some long-term opportunities in beaten down stocks. However, a tepid movement in the global market, losing sheen on currency and volatility ahead of derivatives expiry casts interim cloud over the market,” said Vinod Nair, head of research at Geojit Financial Services.