JOIN USThere was little to cheer for investors as the Budget session started on a sour note with both the indices ending down over 1.6 per cent due to weak global markets and a fall in crude oil prices.
While the S&P BSE Sensex closed 378.61 points (1.59 per cent) lower at 23,410.18, the Nifty 50 ended 125 points (1.73 per cent) lower at 7109.55.
“Markets snapped past 4-day winning streak led by profit booking. Indices slip on account of continued selling pressure by foreign portfolio investors, weak global markets and slipping of crude oil prices,” Hem Securities director Gaurav Jain said.
“Bears peeled off last three days’ gains influenced by the drop in crude prices. In addition, investors are taking a wait and watch approach ahead of F&O expiry and the Budget,” Geojit BNP Paribas Financial Services head-fundamental research Vinod Nair said.
Banking stocks were among the top losers on Nifty 50. Bank of Baroda led the list of losers ending down 4.81 per cent at Rs 132.55. Other major banking losers included PNB (down 4.1 per cent to Rs 72.45), State Bank of India (down 3.85 per cent to Rs 158.60) and ICICI Bank (down 3.3 per cent to Rs 191.90). Asian Paints managed to buck the downtrend ending up marginally at Rs 874.30 (up 0.4 per cent).