Markets hit 6-month low

Mumbai, October 23 

Benchmark indices Sensex and Nifty fell for the fourth session in a row to hit their over six-month low levels, dragged by IT and pharma stocks as concerns over the rupee fall, global trade war tiff and geo-political tensions resurfaced.

The BSE index ended 287.15 points lower at 33,847.23 — the weakest closing since April 10, when the 30-share gauge had settled at 33,880.25. Similarly, the NSE Nifty dropped 98.45 points to end at 10,146.80 — its lowest closing since April 4.

Meanwhile, the rupee depreciated to 73.82 (intra-day) against the US dollar, which too had a negative influence. It bounced back from the day’s low level to settle almost flat at 73.57.

Geo-political concerns over death of a Saudi journalist, Brexit and likely breach in Italy’s budget also kept investors cautious.

“Profit booking in IT and pharmaceuticals stocks dragged the indices lower on Tuesday. These two sectors were holding their ground recently while overall markets corrected. Investors choose to book some profits here as the tailwinds of the depreciating currency are slowing,” said VK Sharma, Head PCG & Capital Markets Group, HDFC Securities.

The overall market sentiment remained weak largely in sync with other Asian markets, tracking overnight losses at the Wall Street as caution grew ahead of a slew of earnings reports this week, brokers said. On a net basis, foreign portfolio investors  sold shares of Rs 511.91 crore on Monday, while domestic institutional investors bought shares worth Rs 303.21 crore, as per provisional data. — PTI