Sensex extends losses for 5th straight session, tanks 232 points on Karnataka politics, oil prices
The BSE Midcap and the BSE Smallcap indices underperformed to tank 1.6 per cent and 2.2 per cent, respectively.
![Sensex extends losses for 5th straight session, tanks 232 points on Karnataka politics, oil prices Sensex extends losses for 5th straight session, tanks 232 points on Karnataka politics, oil prices](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_850x478/public/2018/05/21/39095-stock-market1-pti.jpg?itok=c_hC4QGZ&c=184de4cb289ff3707a315c870b91a2de)
The Sensex and Nifty extended losses for fifth straight session as the formation of a non-BJP government in Karnataka, along with weakness in global indices and rising crude oil prices affected investor sentiment. The Sensex ended at 34,616, down 232.17, while the broader Nifty50 settled at 10,516, down 79.70 points.
In the broader market, the BSE Midcap and the BSE Smallcap indices underperformed to tank 1.6 per cent and 2.2 per cent, respectively. Market breadth, indicating the overall health of the market, turned sharply negative. On the BSE, 1,970 stocks declined, 680 stocks rallied, while 152 stocks remained unchanged.
"The benchmark indices started the Monday’s session on a positive note after the sharp fall seen in the past few trading sessions. However, the market failed to sustain its gains amid high crude oil prices and depreciating rupee. Barring IT and Oil & Gas, which ended marginally higher, all the other sectoral indices, closed sharply in the red. Consumer Durables, FMCG, Metals, Healthcare, Auto, & Power were the top losers. Amongst the global markets, Asian markets closed in green whereas the European markets were trading flat to positive," said Jayant Manglik, President, Religare Broking.
"We expect the Indian markets to remain range bound in the coming sessions. Further course of market would be dictated by global developments, crude oil price and currency movement in near term. However, stock specific volatility would continue with on-going corporate earnings season and we would advise investors to accumulate quality companies on dips," he added.
Among gainers, State Bank of India (SBI), Tata Consultancy Services (TCS), Coal India, Axis Bank and ICICI Bank surged the most on Sensex, while Sun Pharma, Dr Reddy's Lab, Yes Bank, Tata Motors and Tata Motors (DVR) were the major losers.
WATCH VIDEO: KEY THINGS TO FOCUS ON IN TUESDAY'S TRADE
On the Nifty, the top gainers were SBI, BPCL and Coal India. The major losers were Dr Reddy`s Lab, Sun Pharma and UPL.
Broader 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.
A plunge in the rupee's value and sustained foreign fund outflows added to the gloom.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
![https://www.zeebiz.com/markets/stocks/photo-gallery-this-tata-group-stock-turned-every-rs-10000-of-investment-into-rs-11300-in-just-a-week-investors-richer-by-42722-crore-rupees-any-guesses-share-market-news-304023](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307143-tradingpexels.jpg?itok=rw4R7EfH)
A Tata group stock just turned every Rs 10,000 of investment into Rs 11,300 in just a week, investors richer by Rs 42,722 crore; any guesses?
![https://www.zeebiz.com/markets/stocks/photo-gallery-large-cap-midcap-stocks-shares-to-buy-for-long-term-check-out-targets-nifty-sensex-303617](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/25/306716-stockks.jpg?itok=KJTrFUIK)
Stocks to buy for long term: Analysts suggest buying these 5 largecap, 4 midcap scrips; check out targets
![https://www.zeebiz.com/personal-finance/photo-gallery-nps-retirement-planning-budget-2024-nirmala-sitharaman-announcement-how-nps-rulebook-change-can-increase-corpus-income-and-monthly-pension-by-40-compound-return-303984](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307102-indian-currency-pixabay-take.jpg?itok=kN21EW-9)
How your NPS retirement corpus and monthly pension can jump by 40% after this rule change; get details
![https://www.zeebiz.com/personal-finance/photo-gallery-senior-citizen-savings-scheme-scss-2024-interest-rate-calculator-post-office-how-to-get-inr-rs-50000-interest-retirement-planning-guaranteed-return-maturity-amount-small-savings-303930](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307042-fd-interest-file.jpg?itok=45ZbBRWM)
How much investment do you need in this senior citizen scheme to get Rs 50,000 quarterly interest? Know here
04:54 PM IST