Global cues hit Sensex, Nifty

Mumbai: Stock market benchmarks Sensex and Nifty-50 fell for the eighth consecutive session on heavy foreign investor selling.

The Sensex fell 326.23 points or 0.55 per cent to settle below the 59,000 mark at 58,962. The Nifty-50 was down 88.75 points or 0.51 per cent to 17,303.95.

Foreign portfolio investors net sold equities worth 4,559.21 crore, though domestic institutions tried to neutralise the impact with higher buying by 4,609.87, market fall was unstoppable so far.

The Sensex made an intra-day low of 58,795.97 while Nifty-50 hit the day’s low of 17,255.20 before a minor pull back.

Adani Group stocks made sharp recovery after early morning dip to new lows. "Markets are witnessing selling pressure on the back of global unc-ertainty, consistent FPIs selling and central banks being hawkish to tame rigid inflation," said Sidd-hartha Khemka of Motilal Oswal Financials.