Delay in the passage of the Land Acquisition Bill has further dampened investor sentiment
The Sensex fell 260.95 points or 0.95 per cent to end the day at 27,176.99.
MUMBAI: Heavy selling by foreign portfolio investors (FPI) pulled the markets below their 200-day moving average signalling the formation of a bearish trend in domestic equities, which according to market experts is likely to lead to further selling in the coming days.
The Nifty slumped below its crucial support of 8,250 levels to close the day at 8,213.80, losing 91.45 points or 1.10 per cent as foreign investors turned heavy sellers amid concerns regarding the levy of MAT. The Sensex fell 260.95 points or 0.95 per cent to end the day at 27,176.99. Delay in the passage of the Land Acquisition Bill has further dampened investor sentiment.
“If the markets continues to trade below their moving average for another two or three days, there could be some kind of panic selling. In that case the Nifty could touch 8,100 – 8,000 levels. Our markets are still not in the oversold territory and we can see further selling in the next two trading sessions,” said Alex Mathews, head of research, Geojit BNP Paribas Financial Services.
The provisional data from the stock exchanges showed that foreign portfolio investors sold shares worth Rs 1,749.33 crore.
( Source : dc correspondent )
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