Retrospective
taxation concerns, muted earnings and weakening rupee continued to
drive markets further into consolidation with the benchmark BSE
Sensex falling over 210 points to 27,676.04 and NSE Nifty slipping
below the crucial 8,400-mark today. Sun Pharma added to the rout by
tumbling more than 8.70 per cent on both Sensex and Nifty after
Japan's Daiichi Sankyo announced selling of its holding in the Indian
drugmaker. Worries over retrospective taxation on foreign portfolio
investors prompted them to sell stocks, but the underlying trend has
weakened due to equity-led worries around Jan-March quarter earnings,
a broker said. FIIs had sold shares worth Rs 1,506.86 crore
yesterday, as per provisional data. The 30-share Sensex opened lower
at 27,860.51 on sustained foreign funds outflows and weak quarterly
earnings. However, on value buying in select stocks, it recovered to
touch day's high of 27,976.93 in noon trade. A round of late selling
in select bluechip stocks dragged the index down to touch low of
27,598.21 before closing at 27,676.04 points -- its weakest level
since March 27 -- down 210.17 points or 0.75 per cent. The gauge has
now lost over 1,370 points in five sessions. The NSE Nifty slipped
below the 8,400-mark by falling 70.35 points or 0.83 per cent at
8,377.75. It shuttled between 8,469.35 and 8,352.70, intraday.
"Domestic factors continue to drive market into further
consolidation. Though FIIs selling due to tax woes influenced to an
extent, Q4 results will still be the decisive factor for market in
the near-term," said Vinod Nair, Head-Fundamental Research at
Geojit BNP Paribas Financial Services. Moreover, the rupee which
breached the crucial 63-mark to touch a low of 63.15 at the outset,
rebounded by 16 paise to trade higher at 62.75 against the dollar
(intra-session). Sectorwise, the BSE healthcare index suffered the
most by falling 3.24 per cent, followed by auto at 1.31 per cent,
FMCG by 1.17 per cent, oil & gas 1.08 per cent, power 0.73 per
cent, capital goods 0.48 per cent and realty 0.37 per cent. Pharma
stocks, Cipla and Dr Reddy's fell by 0.94 per cent and 2.81 per cent,
respectively. On the day, BSE smallcap fell by 0.32 per cent, while
midcap dropped by 0.45 per cent. Globally, other Asian markets ended
in positive zone, while European markets were trading higher in their
opening trade.
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