Global concerns weigh heavy; sensex loses 270 points

Mumbai, Dec 24 (IANS) Key Indian equity indices closed lower for the third straight session on Monday as concerns over the partial US government shutdown and an expected slow down in global

growth dented domestic investors' sentiments. In the last three sessions, the S&P BSE Sensex has lost around 1,000 points following a seven straight days of gains. The equity market

was choppy with a negative bias for most part but witnessed heavy selling pressure only in the last hour of Monday's trade session. Globally, investors' sentiments were impacted

by reports that US President Donald Trump discussed sacking Federal Reserve Chairman Jerome Powell as well as the impact of a partial US government shutdown. Besides, European equities

retreated at the open as all sectors declined on a short trading day amid investors' concern over growth and interest rates. The FTSE and CAC indices declined over half a per cent each.

"On the other hand, positive factors were that the Brent Crude (index) fell to over near 2-year low and USD-INR was stable at 70. FMCG stocks witnessed profit booking," the

Motilal Oswal Financial Services said in its daily report. The 30-scrip Sensex settled 271.92 points or 0.76 per cent lower at 35,470.15 after touching an intra-day high of 35,910.67 and a

low of 35,423.24. The NSE's Nifty50 lost 90.50 points or 0.84 per cent to finish at 10,663.50. Sector wise, except for IT, Teck and telecom sectors on the BSE, all other sectors traded

lower led by financial stocks which declined by 0.87 per cent. Stocks of major sectors like banking ended 0.33 per cent lower. While metal, energy, oil and gas along with auto and consumer

durables counters lost over 1 per cent, dragging the benchmark index -- Sensex -- lower. The domestic currency which closed on a flat note of 70.14 from its previous close at 70.15 per US

dollar as the benchmark Brent Crude declined to 53.64 per barrel. "Technically, with the Nifty correcting further, the short-term trend of the Nifty remains negative. Further downsides

are likely once the immediate support of 10,630 is broken. Any pullback rallies could find resistance at 10,707-10,771," said Deepak Jasani, HDFC Securities' Retail Research Head.

Investment wise, provisional figures from stock exchanges showed that foreign institutional investors (FIIs) sold shares worth Rs 577.10 crore. Domestic institutional investors (DIIs) bought

stocks worth Rs 186.14 crore. On stock specific basis, Only six of the 30 shares on Sensex gained, led by Mahindra and Mahindra (1.03 per cent). Other gainers were TCS, Kotak Mahindra,

Infosys, Bharti Airtel and State Bank of India, whose stock prices jumped up to 1 per cent. In contrast, top index losers was Hero Motocorp and Bajaj Auto which closed 4.27 per cent and 3.11

per cent, respectively. Others included NTPC, HDFC, Vedanta, Asain Paints and Tata Motors which lost in the range of 2 to 3 per cent. --IANS ravi-rv/ (This story was auto-published from a

syndicated feed. No part of the story has been edited by THE QUINT.)