Indian equity benchmarks lost further ground in the last half hour of trade as profit booking picked up pace,
Sensex, which saw nearly 350 points rally in the previous two sessions, lost more than 200 points today despite positive European cues. Meanwhile, the
Nifty dived below the 4900-mark.
Lot of short positions were built up in banking, auto and select metal stocks ahead of F&O expiry tomorrow. Capital goods and technology companies' shares too added pressure.
Ashish Chaturmuhta of IIFL Private Wealth Management said there was a lot of put writing happening at the 4,800 level. "The
Nifty can go towards 4,820-4,800 level but around those levels we may see some kind of support emerging in the market."
He sees expiry around the 4,850-4,880 levels.
The 30-share BSE
Sensex shed 213.49 points, to close at 16,285 and the 50-share NSE
Nifty fell 60 points, to end at 4,888.9.
On the global front, Asian markets closed down 0.5-2%. However, European markets were trading 0.4-1.2% higher.
On the home turf, the BSE Metal and Auto indices dropped over 2%. Bank, Capital Goods, IT and Realty indices fell 1-1.6%.
Heavyweight SBI was the leading loser on
Nifty falling over 3.5%. IDFC and Axis Bank were down 3-4%. ICICI Bank, HDFC Bank and PNB lost 0.7-2%.
TCS, L&T tumbled 2% each. Tata group companies' shares like Tata Motors, Tata Steel and Tata Power slipped 3.5-4.5%.
Bharti Airel, Reliance Industries, NTPC and ITC dropped 0.5-1%.
However, Power Grid, ONGC, HUL, Hindalco, Grasim, Ranbaxy Labs and Reliance Communications were only gainers.
The broader indices like BSE Midcap and Smallcap indices slipped 0.5% each.
Volume increased significantly ahead of F&O expiry; total traded turnover was more than Rs 1.9 lakh crore.
About 1343 shares advanced while 1543 shares declined on the BSE.
