Sensex sinks 316 pts, down for 3rd day on oil woes

Stocks fell for the third straight day as the benchmark Sensex today ended a sharp 316 points lower at 24,223.32 -- a two-week low -- on renewed concerns of a slowing global growth and further weakness in oil prices.
Market sentiment, which is still fragile as China's economy continues to struggle, took a hit after oil prices resumed their slide and dropped below USD 30 a barrel in Asian trade.
A monthly PMI survey today showed that India's services activity rose to a 19-month high of 54.3 in January from 53.6 in December, but that was not enough to stem the slide.

The 30-share Sensex was on edge right from the word go as the sustained foreign outflow amid a global rout and losses in blue-chip stocks took hold before the market barometer closed at 24,223.32, down 315.68 points, or 1.29 per cent. This is its lowest closing since January 21.
The rupee, which again breached the 68-mark against the dollar at the close, dealt another blow.
The gauge has lost 647 points in the three days.

The NSE Nifty too remained under pressure and slipped below the 7,400-level by dropping 93.75 points, or 1.26 per cent, to close the day at 7,361.80.

"The continuing volatility in crude price has dragged the benchmark indices for the third day. The rising uncertainty in global market is influencing investors to pull out funds from emerging markets," said Vinod Nair, Head-Fundamental Research, Geojit BNP Paribas Financial Services Ltd.
Of the Sensex pack, 27 ended lower.
Among those that lost, BHEL was the worst-hit, down 4.86 per cent followed by NTPC at 4.10 per cent. Others included Tata Steel, ICICI Bank, Tata Motors, Axis Bank, Cipla, RIL, SBI, Asian Paints, Wipro, ONGC and Adani Ports.
HUL broke from the crowd, gaining the most by surging 2.66 per cent, while TCS rose 0.77 per cent and Sun Pharma and Bajaj Auto rose by up to 0.24 per cent.

The BSE power index got the severe drubbing, falling most by 4.16 per cent, followed by capital goods 2.79 per cent, realty 2.63 per cent, infra 2.30 per cent, metal 2.03 per cent, PSU 1.96 per cent, banking 1.63 per cent, auto 1.62 per cent and oil and gas 1.58 per cent.
The broader markets were no better, with the BSE small-cap index ending 2.25 per down and the mid-cap 1.30 per cent.
Elsewhere in Asia, key indices in Hong Kong, Japan, Singapore, China, South Korea and Taiwan showed weakness, down by up to 3.15 per cent.
"At home, the Budget could be the next trigger since it is

the finance minister's turn to give confidence to the global investors by way of structural reforms and the way to achieve the fiscal deficit target of 3.5% in 2016-17," added Nair.
Foreign portfolio investors (FPIs) net sold shares worth Rs 113.98 crore yesterday, provisional data showed.
"On the sectoral front, it was across-the-board selling pressure that forced the Nifty to close below the 7,400 mark," said Pramit Brahmbhatt of Veracity Financial Services.
The market breadth remained negative as 2,084 stocks turned lower, 578 higher while 98 closed flat. The total turnover came down to Rs 2,708.89 crore, from Rs 2,937.85 crore yesterday.