Market misery continues for 6th day, Sensex loses 98 pts

The 30-share barometer finally ended lower by 97.68 points, or 0.37 per cent, at 26,559.15 -- the lowest closing since October 1.

By: PTI | Mumbai | Published: November 2, 2015 6:09:31 pm
sensex, sensex today, market, stock market, stock market today, socks, stocks today, india sensex, india sensex today, india markets today, india stocks today, stock exchange, bombay stock exchange, bse, india news, sensex news The gauge has plunged around 911.66 points in the past six sessions. (PTI Photo)

Markets seemed to be caught in a downward spiral as the benchmark BSE Sensex today fell for the sixth day — its longest losing run since June — as investors continued to head for the exit mode following weak results and a sluggish global trend.

It was a day when nothing worked for the markets as a private survey showed that India manufacturing growth dropped to a nearly two-year low for October to 50.7, from 51.2 in September, said brokers.

Even positive sales numbers from leading automakers failed to lift the spirits.

The 30-share barometer finally ended lower by 97.68 points, or 0.37 per cent, at 26,559.15 — the lowest closing since October 1.

It was in June this year that the benchmark had fallen for six days back to back.

With today’s close, the gauge has plunged around 911.66 points in the past six sessions.

Adding to the gloom, soft Chinese factory and services numbers and US consumer spending data fuelled fears over the global economic outlook, spooking investors.

The market has been on a downward trajectory since last Monday on sustained foreign fund outflows and lacklustre earnings by some blue-chips.

The broader Nifty was no better as it broke below the crucial 8,000-mark to hit a low of 7,995.60 before settling at 8,050.80, down 15 points, or 0.19 per cent.

“Weakness in growth in India’s manufacturing sector as measured by the Nikkei manufacturing PMI and a depreciating rupee weighed. However, a sharp recovery was witnessed on back of strong European indices,” said Gaurav Jain, Director, Hem Securities.

Among Sensex and Nifty stocks, Bajaj Auto took the heaviest pounding, down 4.85 per cent, after total sales in October declined 8.59 per cent.

Hindalco, Tata Steel, Vedanta Ltd and HDFC Ltd lost too.

Amid all this, Maruti Suzuki, the country’s largest carmaker, remained a bright spot as it was up 1.05 per cent after its total sales in October grew 29.1 per cent.

Sector-wise, the BSE metal index tanked the most, down 1.27 per cent, followed by capital goods, healthcare and power.

In broader markets, the small-cap index shed 0.20 per cent while mid-cap managed to close 0.08 per cent higher.

Foreign investors continued to dump equities as they net sold shares worth Rs 1,464.89 crore last Friday, as per provisional data.

Overseas, Asian stocks ended down while major European markets were trading higher in their morning session.

Barring South Korea’s Kospi, which ended up 0.28 per cent, premier indices in Asia closed lower.

Towards the end of the session, the Nifty recovered a bit as Moody’s raised Indian banks’ outlook to ‘stable’ from ‘negative’, which cushioned the fall.

In the Sensex space, 16 out of the 30 shares ended lower.

The market breadth continued to remain negative as 1,541 stocks ended in the red, 1,156 closed in the green while 119 ruled flat.

The total turnover shrank to Rs 2,569.90 crore, from Rs 3,186.77 crore last Friday.

The possibility of the first US rate hike in the near term is impacting the performance of developing countries like India. Additionally, the Oct manufacturing data in China highlighted the slowdown in the world economy,” said Vinod Nair, Head-Fundamental Research, Geojit BNP Paribas Financial Services Ltd.

“Amid these global concerns, India is hovering above the important Nifty level of 8,000 awaiting the Bihar election outcome. Accordingly, the immediate traction will be decided.”

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