Markets snap 7-day gain, Sensex ends down 280 points on heavy selling pressure

Mumbai: The benchmark Sensex fell for the first time in eight days, dropping 230.86 points to close at 29,231.41 on selling in bluechips, including RIL, and caution ahead of the the Union Budget. [caption id=“attachment_1999999” align=“alignleft” width=“380”] Reuters[/caption]Globally, Europe’s main stock markets opened lower as eurozone members prepared for crunch talks with Greece on a renegotiation of the country’s bailout terms. Asian stock indices, however, closed mostly up. The BSE Sensex resumed lower at 29,446.21 and hovered in a range of 29,462.09 and 29,178.26 before ending at 29,231.41, showing a sharp loss of 230.86 points or 0.78 percent. Traders said caution was seen after the bluechip index zoomed by 1,234.88 points, or 4.37 percent, in the previous seven days. This led to profit-booking in many recent gainers which surged on Budget hopes. Shares of Reliance Industries (RIL) today witnessed selling pressure, falling over three per cent, after Delhi Police yesterday had detained a RIL staffer in connection with alleged official document theft in the oil ministry. Major contributors to the Sensex’s loss today include RIL (57.17 points), ICICI Bank (49.37 points), Infosys (47.21 points), HDFC (35.69 points) and L&T (20.76 points). The 50-share NSE Nifty also dropped by 61.70 points, or 0.69 percent, to close at 8,833.60. In broader markets, shares of SpiceJet today surged nearly 20 percent after fair trade watchdog CCI approved original promoter Ajay Singh’s plan to acquire controlling stake in the carrier. Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 1542.70 crore yesterday as per provisional data released by the stock exchanges. Domestic Institutional Investors (DIIs) had sold shares worth a net Rs 195.74 crore. Among the S&P BSE sectoral indices, Oil&gas fell by 1.79 percent, IT by 1.24 percent, Teck by 1.21 percent, Metal by 0.51 percent and Bankex by 0.47 percent. The total market breadth turned higher as 1,500 stocks ended in green, 1,423 finished in red while 109 ruled steady. The total turnover dropped to Rs 3,715.63 crore from Rs 3,876.12 crore yesterday. PTI