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Sensex tanks by 238.76 pts to 2-wk-low of 35,149.12 on heavy selling

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Mumbai | Thursday, May 17 2018 IST
The BSE Sensex sank for the third straightsession on Thursday by 238.76 points to settle at a two-week-low of35,149.12 due to heavy selling in select stocks such as Finance,Bankex, Power and FMCG coupled with uncertainty over whether BJPwould prove majority to form new government in Karnataka.

The Nifty of National Stock Exchange (NSE) too fell by 58.40 pointsto 10,682.70.

Stocks suffered modest losses as Brent crude oil prices moved nearthe USD 80 per barrel mark as supplies tightened and demand remained strong.

In global commodities markets, Brent crude oil futures edged higher.

Brent for July 2018 settlement was up 56 cents at USD 79.84 a barrel.

Higher crude oil prices could increase fiscal deficit and currentaccount deficit and stoke fuel price inflation.

The equity market remained volatile for the third consecutivesession today. The Sensex, which had fallen by 168 points in last two sessions,edged higher by 96 points to 35,483.62 in the morning session. Itthen gained by 123 points to hit day's high of 35,510.01 beforenoon. Later it slipped in red, as it crashed by nearly 300 points to hitday's low of 35,087.82, before closing at 35,149.12, sliding by238.76 points as compared to its last close.

The Nifty registered day's high and low at 10,777.25 and 10,664.50points, respectively.

The sectoral indices like Materials, FMCG, Finance, Bankex and Powerfell that pulled the market down today. Scrips of ITC, BhartiAirtel, HDFC, Axis Bank aand Tata Steel fell during the day thatalso weighed down on the market sentiment.

However, Coal India, Sun Pharma, Tata Motors and Wipro gained thatcapped its further losses, brokers informed.

The S&P BSE Mid-Cap index rose 0.67 per cent. The Small-Cap indexadvanced 0.43 pc. Both these indices outperformed the Sensex.

The market breadth was positive on BSE, as 1,403 shares advancedagainst 1,224 declined and 127 were unchanged.

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