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Global markets cast shadow over Sensex

The benchmark index skidded 165 points to end at 8160, tracking a rout in Asian markets with Japan’s benchmark tumbling to a 26-year closing low. Realty and banking stocks were battered in today’s selloff on the BSE, with a number of them falling to their 52-week lows. The Sensex traded in a range of 8,110 to 8,259 during the session. Banking stocks including SBI, Axis Bank and Bank of India touched their year lows today amid concerns over asset quality in the banking system in the wake of a slowdown in the economy. In realty, HDIL and Parsvnath Developers also fell to their year lows.

In the broader markets, the Nifty fell 1.8 per cent to 2,573. With the country going into the poll mode, analysts are looking at the election for triggers. Till then they say that markets are going to remain range bound with a negative bias. “India’s fiscal position is a concern for investors. The outcome for the general election is a key trigger for long-term investment calls,” said Praveen Chakravarty, COO & Head of Institutional Sales, BNP Paribas Securities India.Read More