MUMBAI, OCT 31: Snapping the four-week gaining spree the equity market tanked nearly 3 percent as the benchmark Sensex fell below the psychological 27,000 and the broader Nifty finished below the key 8,100 level on lingering uncertainty.
Bearishness swamped the market momentum as it tagged continuous selling for the whole of five-trading sessions of the week due to lacklustre corporate earnings number.
The Sensex resumed higher at 27,575.04 and hovered in a range of 27,618.14 and 26,585.20 before closing at 26,656.83, showing a loss of 813.98 points or 2.96 percent.
The Sensex had gained by 1,607.51 points or 6.21 percent in the previous four weeks.
The CNX 50-share Nifty, which had gained by 426.95 points of 5.43 percent in the previous four weeks, also dropped by 229.65 points or 2.77 percent to 8,065.80.
Barring Consumer Durable sector, rest all other counters witnessed intense selling pressure mainly led by Capital Goods, PSUs, Realty, Banks, FMCG, Metals, Oil&Gas, Power, Auto, Teck, HealthCare, IT and Power.
The broader markets, shares of midcap and smallcap companies also jumped the wagon of selling along with its peers.
20 scrips out of the 30-share Sensex pack ended lower, while ten others closed higher.
Among the S&P BSE sectoral indices, Capital Goods fell by 4.40 pct followed by Realty 3.68 pct, bankex 3.48 pct, FMCG 3.31 pct, Metal 2.98 pct, Oil&Gas 2.91 pct, Power 1.95 pct and Auto 1.30 pct.
Small-cap and Mid-cap indices also dropped by 1.77 pct and 1.47 pct respectively.
The total turnover during the week on the BSE and NSE rose to Rs 14,135.95 crore and Rs 90,401.01 crore respectively as against the last weekend’s level of Rs 11,409.59 crore and Rs 64,377.19 crore.
