Sensex extends losses for fifth day, tanks 232 points amid political and macroeconomic concerns
Sensex had lost 708.41 points in the previous four sessions
New Delhi: Benchmark Sensex plunged over 232 points to end at 34,616.13 on Monday, extending its fall to the fifth straight session over political and macroeconomic concerns.
Investors were wary after BJP's B S Yeddyurappa resigned as the chief minister of Karnataka on Saturday minutes before he was to face a floor test to prove his contested majority in the hung assembly, paving the way for the JD(S)-Congress combine to form the government.
Sentiment got another jolt after Moody's Investors Service downgraded PNB's rating, citing the impact of recent fraud on its capital as well as weak internal controls, brokers said.
The 30-share Sensex had soared about 126 points to hit a high of 34,973.95 in early trade but gave up its gains following a widespread sell-off, which dragged it down to 34,593.82.
The gauge finally ended at a nearly one-month low of 34,616.13, down 232.17 points or 0.67 percent. This is its weakest closing since 25 April when it had finished at 34,501.60.
It had lost 708.41 points in the previous four sessions.
The broader NSE Nifty closed lower by 79.70 points, or 0.75 percent, at 10,516.70, after hovering between 10,621.70 and 10,505.80.
A plunge in the rupee's value and sustained foreign fund outflows added to the gloom.
Market roundup: Sensex ends 54.8 points up by closing bell, Nifty at 17,369; today's top gainers and losers
The top gainers on BSE Sensex were Bharti Airtel, Nestle India, Tata Steel, Bajaj Finserv, and HCL Tech. The top losers were Titan, Utlracem Co, Bajaj Auto, HDFC Bank, and Axis Bank
The top gainers on BSE Sensex were Kotak Bank, Titan, NTPC, Sun Pharma and Axis Bank. The top losers were Nestle India, Maruti, Bajaj Finserv, Bajaj Auto and TCS
While the Sensex gained 417.96 points to end at 59,141.16, Nifty went up by 110.05 points to end at 17,629.50.