Downward trend continued on bourses on Monday as foreign institutional investors (FIIs) maintained their sell-off in emerging markets and weakness of rupee against the dollar is accelerating it.
The BSE 30-share sensitive index, Sensex, dropped by 233.35 points or 1.24 per cent to 18540.89, led by realty stocks which tanked 4.79 per cent followed by consumer durables 3.38 per cent, capital goods 2.91 per cent and PSUs 2.42 per cent. All sectoral indices ended in the red.
On the National Stock Exchange (NSE), Nifty closed at 5590.25, with a loss of 77.40 points or 1.37 per cent.
“Markets continue their downward slide, as rupee-driven outflows spread from debt funds to equity, with frontline stocks seeing significant selling pressure. While markets have corrected 10 per cent from the recent highs, we do not see selling pressure subside in the near-term, despite domestic LIC-led buying in the last two weeks,” Tirthankar Patnaik, India Strategist and Chief Economist, Religare Capital Markets.