Markets snap 4-day winning streak on weak global cues


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Mumbai, Mar 8 (PTI) The BSE benchmark Sensex snapped its four-day rising streak Friday to end marginally lower on losses in IT and metal stocks as investors turned cautious amid weak overseas cues.

The 30-share index settled 53.99 points, or 0.15 per cent lower at 36,671.43, while the broader NSE Nifty slipped 22.80 points, or 0.21 per cent, to 11,035.40.

During the week, the Sensex gained 607.62 points or 1.68 per cent; and the Nifty advanced 171.9 points or 1.58 per cent.

Tata Motors was the biggest loser in the Sensex pack Friday, tumbling 3.99 per cent, followed by HCL Tech, Tata Steel, Vedanta, Infosys, ONGC, Asian Paints, Maruti and L&T that shed up to 2.53 per cent.

NTPC was the top gainer, spurting 4.28 per cent.

Other winners were Bajaj Auto, Bajaj Finance, Sun Pharma, ITC, Hero MotoCorp, TCS, Yes Bank, HDFC, HDFC Bank and SBI, rising up to 1.38 per cent.

Sectorally, the BSE metal index witnessed most losses, falling 1.57 per cent, followed by IT and teck.

Broader indices followed the benchmarks, with the BSE Midcap index and the small-cap gauge ending marginally lower.

Meanwhile, foreign institutional investors (FIIs) bought shares worth a net Rs 1,137.85 crore on Thursday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 925.46 crore, provisional data available with BSE showed.

“The momentum in domestic market was capped due to the renewed concern in global economy. Moderation in GDP growth by ECB and weak export data from China impacted the global sentiment,” said Vinod Nair, Head of Research, Geojit Financial Services.

“But Indian rupee strengthened supported by FII liquidity and benign oil prices, portraying the positive undercurrent in the domestic market,” he added.

Global equities witnessed a selloff after the European Central Bank (ECB) slashed its forecast for economic growth and inflation in the 19-country euro zone.

The ECB now expects growth of 1.1 per cent this year, down from its earlier forecast for 1.7 per cent. Inflation is also expected to be lower at 1.2 per cent compared with 1.6 per cent forecast earlier.

Elsewhere in Asia, Hong Kong’s Hang Seng cracked 1.91 per cent, Shanghai Composite Index plunged 4.40 per cent and Korea’s Kospi fell 1.31 per cent. Japan’s Nikkei ended 2.01 per cent lower.

In the Eurozone, Frankfurt’s DAX was down 0.49 per cent, Paris CAC 40 shed 0.36 per cent, and London’s FTSE fell 0.66 per cent in early deals.

Oil market benchmark Brent crude futures fell 1.63 per cent to USD 65.22 per barrel.

Meanwhile, the rupee appreciated 7 paise to 69.93 against the US dollar intra-day.

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