Mumbai : Thursday witnessed rampant selling throwing benchmark indices lower for the fifth day in a row. Sensex has gone down 6 per cent in these past five days due to foreign institutions withdrawing money from Indian markets in the last three days and investors fearing the worst in the forthcoming budget.
According to experts, global markets have turned weak due to steady decline in US markets. That is why the FII have withdrawn money from Indian markets thereby turning the market sentiments bearish.
Moreover, the US dollar rose as investors moved to safe havens due to sell-off in global markets. A rising dollar means movement of money from emerging markets like India.
BSE Sensex, on Thursday, closed 535.57 points or 1.13 per cent lower at 46,874.36, Nifty also dropped 149.95 points or 1.07 per cent lower at 13,817.55.
The 30-scrip Index lost a total o f2917.76 points in the last five days, thereby recording a loss of 5.86 per cent.
In the 50 share-pack Nifty, Axis Bank — which came out with its earnings — was the biggest gainer , up 1.21 per cent. Among the other gainers were Reliance Industries, BPCL, ONGC, Hero Moto, NTPC and Bharti Airtel.
In the pack, Tech Mahindra was the top loser, down 2.32 per cent. The other losers included HDFC Bank, Power Grid, Sun Pharma, Kotak Mahindra Bank, UPL, Dr Reddy’s Labs and Tata Motors.
