 "Markets snap 8-day winning streak")
The BSE exchange’s 30-share benchamrk Sensex ended at 26,127, down 145 points or 0.6 per cent from its previous close. The National Stock Exchange’s Nifty closed at 7,790, down 40 points or 0.5 per cent, after hitting an all-time of 7,840 during the day.
The decline ended the market’s eight straight days of gains, during which the benchmark indices rose nearly five per cent. The sharp up-move was led by robust buying from foreign investors.
Market experts said the derivatives segment expiry next week prompted investors to trim positions. “While people are still optimistic about growth improving in the economy, they are mindful of the the sharp rises in the market we saw in the past eight sessions. Also, the level of participation from the institution-side has tapered a bit, an indication that the markets could weaken a bit,” said Rikesh Parikh, vice-president (equities), Motilal Oswal Securities.
Foreign investors net-bought shares worth Rs 4,907 crore in the eight sessions between July 14 and 24. On Friday, foreign investors’ net purchase was muted, at Rs 125 crore. Selling was seen in blue-chip stocks State Bank of India and ICICI Bank, each sliding about two per cent. Wipro fell about 4.6 per cent after the dollar revenue forecast by the company disappointed the markets.
The market also followed global cues, where shares declined on rising geo-political conflicts in Gaza and Ukraine. European and US shares were trading almost one per cent lower. However, Asian stocks climbed as robust earnings cheered the markets.