Sensex sheds 156 points on political uncertainty

Sensex swings to counting trends

The bears continued to dominate, as the Indian equity benchmark indices fell for fourth straight session, led by weak domestic sentiments.

As of 10:32 am, Sensex was down 130 points or 0.32 per cent at 35,036 after falling to as much as 34,961.78 in the morning trade.

On a weekly basis, the Sensex lost 687.49 points, or 1.93 per cent, while the Nifty tumbled 210.10 points, or 1.94 per cent - their biggest fall since the week ended March 9. The BSE Sensex was trading 238.72 points lower at 35,305.22 at 10.45 am, while the NSE Nifty index was down 85.75 points at 10,716.10 points.

The data released on Monday showing a rise in consumer price inflation and weakness in global stocks on account of weak economic data from China also impacted sentiments. "This along with rising oil prices suggest caution on the macro front", said Nomura Financial Services in a note to its clients.

State-run banks remained under selling pressure on disappointing quarterly results due to a jump in provisions for bad loans.

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Among banking stocks, HDFC Bank fell 1 per cent, ICICI Bank 0.9 per cent, Axis Bank 0.6 per cent and PNB 0.5 per cent. Thirty stocks on the 50-scrip Nifty index were trading in the negative zone.

The sectoral indices like Materials, FMCG, Finance, Bankex and Powerfell that pulled the market down today.

The stock of Dena Bank fell 5 per cent, while the Allahabad Bank scrip tumbled almost 9 per cent. Punjab National Bank, which has been under a cloud since February, was down almost 4 per cent.

Trend at other Asian markets, however, was better as investors kept a cautious watch on developments in US-China trade negotiations.

Hong Kong's Hang Seng advanced 0.22 percent while Japan's Nikkei was up 0.25 percent in early trade. London too shed 0.23 per cent.

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