Nifty ends below 8000; Sensex loses 718 pts in 7 straight days
Benchmark indices fell for the seventh consecutive session Thursday with the Sensex losing more than 300 points intraday amid thin volumes ahead of Christmas holiday.
The consistent fall may be indicating that investors are worried about the impact of demonetisation on December quarter earnings & Q4 outlook, monthly sales numbers and economic data due next month. They also maintained cautious stance ahead of two-day GST Council meet that will start today, and US president-elect Donald Trump's policies that will be announced in January.
The market declined for seven sessions in a row for the first time since March 2015, falling below the psychological 8000-mark on the Nifty and 26000 level on the Sensex for the first time since November 24. The 30-share BSE Sensex plunged 262.78 points or 1 percent to 25979.60, taking the total loss for seven consecutive days to 718 points. The 50-share NSE Nifty fell 82.20 points or 1.02 percent to 7979.10.
The broader markets underperformed benchmarks with the BSE Midcap and Smallcap indices shedding 1.5 percent and 1.25 percent, respectively. Experts say they expect the correction amid consolidation to continue in near term as the Nifty broke 8000 level but according to them, the market is still in its range of 7800-8500 and it is the best time to pick quality stocks for long term. Madhav Dhar of GTI Capital expects the market to fall another 5 percent. It has factored in 75 percent of all the negative news and needs to watch for troublesome events in the global economy, he feels.
Benchmark indices fell for the seventh consecutive session Thursday with the Sensex losing more than 300 points intraday amid thin volumes ahead of Christmas holiday.
The consistent fall may be indicating that investors are worried about the impact of demonetisation on December quarter earnings & Q4 outlook, monthly sales numbers and economic data due next month. They also maintained cautious stance ahead of two-day GST Council meet that will start today, and US president-elect Donald Trump's policies that will be announced in January.
The market declined for seven sessions in a row for the first time since March 2015, falling below the psychological 8000-mark on the Nifty and 26000 level on the Sensex for the first time since November 24. The 30-share BSE Sensex plunged 262.78 points or 1 percent to 25979.60, taking the total loss for seven consecutive days to 718 points. The 50-share NSE Nifty fell 82.20 points or 1.02 percent to 7979.10.
The broader markets underperformed benchmarks with the BSE Midcap and Smallcap indices shedding 1.5 percent and 1.25 percent, respectively. Experts say they expect the correction amid consolidation to continue in near term as the Nifty broke 8000 level but according to them, the market is still in its range of 7800-8500 and it is the best time to pick quality stocks for long term. Madhav Dhar of GTI Capital expects the market to fall another 5 percent. It has factored in 75 percent of all the negative news and needs to watch for troublesome events in the global economy, he feels.
