New Delhi: Equity indices declined on Wednesday after remaining in positive territory for the past 2 sessions with the benchmark BSE Sensex Asian markets fell over 700 points after a weak trend.
The 30-share BSE index ended 710 points or 1.35 per cent lower at 51,823, while the broader NSE Nifty ended 225 points or 1.44 per cent lower at 15,413.
Tata Steel was the biggest loser in the Sensex pack, falling 5.24 per cent, followed by Wipro, Reliance, IndusInd Bank and HCL Tech.
Only TCS, HUL, Power Grid and Maruti were the gainers up to 0.31 per cent.
On the NSE platform, all sub-indices with Nifty Metal, Media, Realty and Oil & Gas fell up to 4.87 per cent.
Besides, the continuous outflow of foreign funds also played a bad game for the stock markets.
“The pull back rallies may be intensified and yesterday was bullish. The important question is – will it continue? There is no economic news apart from softening in crude to sustain the rally.
“There is no reason for FIIs to change their selling strategy as the dollar remains strong and US bond yields are attractive and are expected to rise further,” said VK Vijayakumar, chief investment strategist, Geojit Financial Services.
Meanwhile, the rupee depreciated by 27 paise to a record low of 78.40 (provisional) against the US dollar on Wednesday, driven by unabated foreign fund outflows and losses in domestic equities.
(with inputs from agencies)
The 30-share BSE index ended 710 points or 1.35 per cent lower at 51,823, while the broader NSE Nifty ended 225 points or 1.44 per cent lower at 15,413.
Tata Steel was the biggest loser in the Sensex pack, falling 5.24 per cent, followed by Wipro, Reliance, IndusInd Bank and HCL Tech.
Only TCS, HUL, Power Grid and Maruti were the gainers up to 0.31 per cent.
On the NSE platform, all sub-indices with Nifty Metal, Media, Realty and Oil & Gas fell up to 4.87 per cent.
Besides, the continuous outflow of foreign funds also played a bad game for the stock markets.
“The pull back rallies may be intensified and yesterday was bullish. The important question is – will it continue? There is no economic news apart from softening in crude to sustain the rally.
“There is no reason for FIIs to change their selling strategy as the dollar remains strong and US bond yields are attractive and are expected to rise further,” said VK Vijayakumar, chief investment strategist, Geojit Financial Services.
Meanwhile, the rupee depreciated by 27 paise to a record low of 78.40 (provisional) against the US dollar on Wednesday, driven by unabated foreign fund outflows and losses in domestic equities.
(with inputs from agencies)