Sensex down for sixth day, plunges 274 pts on GST logjam

Sensex down for sixth day, plunges 274 pts on GST logjam

Sensex down for sixth day, plunges 274 pts on GST logjam

Equities tumbled for a sixth straight session today as the BSE Sensex plummeted by 274 points while the NSE Nifty cracked below the 7,700-level as investors grew worried about a possible delay in the key tax reform bill.

Moreover, a muted trend in other Asian markets, following overnight losses in US equities, and a lower opening in Europe along with a plunge in oil prices, accelerated selling here.

The 30-share Sensex fell 274.28 points or 1.08 per cent to close at 25,036.05, its weakest closing since September 7. During the day, it hovered between 25,012.22 and 25,316.95.
The gauge has now lost 1,133.36 points in six sessions.

The broader NSE Nifty went below its crucial level of 7,700-mark by tumbling 89.20 points or 1.16 per cent to close at 7,612.50.

Of the 30-share Sensex pack, 25 dropped while five led by BHEL, TCS and ITC, ended higher.

"Uncertainty over the fate of GST and other reform bills and rupee quoting at over two-year lows dampened sentiment," said Manoj Choraria, a Delhi-based NSE stock broker.

According to traders, persistent foreign fund outflows by investors as market has been lacking any positive domestic and global cues and a likely hike in interest rates by the US Federal Reserve bogged down markets.

Sectoral indices metal, healthcare, oil&gas, auto and realty were among the worst hit.
Metal space stocks bore the brunt with Vedanta, Tata Steel and Hindalco falling up to 5.57 per cent, dragging down the the sectoral index by 3.07 per cent.

The broader markets too felt the heat, with BSE small-cap and mid-cap indices falling 2.24 per cent and 1.76 per cent, respectively.

Globally, all major indices in Asia ended lower while those in Europe were quoting in the red in their early trade.

Foreign investors sold shares worth Rs 518.46 crore yesterday, as per provisional data.

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