Mumbai: The Indian equity markets extended their losses for the third straight day to closing at their lowest level since May 2014. They were dragged down by bank stocks and growing worries about the ballooning non-performing assets in the banking system.
A sharp weakness in major Asian markets also dented investors sentiment. The Sensex slipped below its psychological 24,000-level on Wednesday and closed the session at 23,758.90, losing 262.08 points or 1.09 per cent.
The broader Nifty dropped 82.50 points or 1.13 per cent to close the day at 7,215.70. According to the provisional data released by the stock exchanges, foreign portfolio investors (FPI) sold shares worth Rs 751.33 crore.
The shares of SBI slumped 4.82 per cent ahead of the release of its Q3 results on Thursday.
Meanwhile the shares of housing finance major HDFC closed down 3.71 per cent. The broader market also remained weak with 2,036 stocks ending the day deep in the red as compared to 608 stocks that advanced.
“The continuing surge in the Japanese Yen and gold is keeping equity investors on their toes. The road ahead looks jittery with the upcoming Union Budget and the deepening slowdown in the rest of the world,” said Vinod Nair, head of fundamental research, Geojit BNP Paribas Financial Services.
