Benchmark indices continue to slide ahead of Union Budget
Benchmark indices continued to slide ahead of the Union Budget on rising concerns that the government will not dole out reliefs to the corporate sector in the form of tax breaks. The sell-off in global markets was a dampner too.
The Sensex fell close to 534 points to close at 46874.36 and it has now lost 2917.76 points over the past five trading sessions, while the broader Nifty has skidded 827.15 points.
However, investors bought some banking stocks at the fag end of the trade on hopes that the markets may be nearing its bottom for now. However, experts do agree that the key event to watch out for will be the Budget even as good corporate results has already been discounted by the markets.
The 30-share index began below the 47000 mark at 46834.57 and fell to a day’s low of 46518.48 as foreign portfolio investors (FPIs) continued to press sales on apprehensions over how the Union Budget would turn out.
However, it recovered from these levels to finish at 46874.36. Similarly, the NSE Nifty tumbled 149.95 points or 1.07 per cent to 13,817.55.
Gold on Thursday fell Rs 109 to Rs 48,183 per 10 gram in the national capital following muted global trends. Silver also dipped Rs 146 to Rs 65,031 per kg.
The rupee depreciated by 13 paise to settle at 73.05 against the US dollar following the sell-off in the stock markets and a strengthening greenback.
The domestic unit opened at 73.13 against the US dollar and hit an intra-day high of 73.04 and a low of 73.15. It finally finished at 73.05, lower by 13 paise over its last close.