Domestic stock markets fell for a third consecutive session on Thursday to hit more than three-and-a half month lows as investor sentiment remained weak over uncertainties over Donald Trump’s strong show ahead of the US Presidential elections next week.
After opening lower at 27,518.06, the Sensex recovered to the day’s high of 27,600.74 on bargain-buying by participants, including domestic financial institutions. However, it again slipped into negative terrain to hit a low of 27,399.26 before settling 96.94 points, or 0.35 per cent, lower at 27,430.28, its weakest closing since July 8, when it ended at 27,126.90.
The Sensex had lost 414.29 points in the previous three days, tracking negative global cues. The Nifty after shuttling between 8,476.15 and 8,537.65, concluded 29.05 points, or 0.34 per cent, down at 8,484.95.
Investors were keenly awaiting the outcome of the 2-day GST Council meet starting Thursday to finalise a 4-tier tax structure. 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.
Vinod Nair, head of research, Geojit BNP Paribas Financial, said: “Market was perturbed by the US presidential race which dragged the indices below the psychological level of 8500. On the domestic front GST council meeting has started for a consensus on key rates while investors hold the horses for some positive cues to get some breather from the overhanging macro headwinds.”