Sensex retreats 113 points; Nifty breaks 7,000-level

Sensex retreats 113 points; Nifty breaks 7,000-level

Weak global cues and futures & options expiry ensured that the markets continued their southward journey ahead of the general Budget. While the Nifty 50 shed 48.1 points (0.69 per cent) to end at a fresh 52-week low at 6,970.6, the S&P BSE Sensex ended 112.93 points (0.49 per cent) lower at 22,976.

“The Railway Budget failed to cheer the market, while the volatility coupled with derivative expiry derailed the important support level of 7,000,” Geojit BNP Paribas Financial Services Head-Fundamental Research Vinod Nair said.

Shares of companies linked to the railway sector performed below par. Kalindee Rail Nirman was down as much as 9.26 per cent, and so were Texmaco Rail (8.78 per cent), Titagarh Wagons (8.40 per cent).

The last time Nifty closed lower than this was on May 9 2014, when it closed at 6,858.8 points. Meanwhile, the rupee plunged to a fresh 30-month low of 68.72, dropping 15 paise against the US dollar on fresh demand for the American currency from banks and importers in view of persistent fall in domestic equity market.
DH News Service

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