PrashantNews
The domestic equity market on Wednesday continued to witness heavy selling pressure with many top stocks falling up to nine percent amid confusion caused by the rising dollar and weak global cues in the past few days.
The benchmark BSE Sensex and Nifty fell for the fifth consecutive day.
“The FIIs are selling heavily in the share market which is causing huge impact on many stocks that had gained smartly in the last one year,” said a stock market analyst. There was disappointment over the domestic earnings also, the analysts said.
Heavy weight Reliance Industries, which gave up its most gains in anticipation of the bonus news in the past few months, was hovering around Rs 1251. Tata Steel and M&M also fell sharply by more than three percent dragging the market by 1.25 percent. The BSE Sensex closed at 77,690 points down by 984.
Nifty fell by 282 points to close at 23,600 points.
Stocks like Suzlon, NCC, Spicejet and JIndal Saw which have gained considerably in the past one year have fallen sharply in the past few sessions.
The analysts, however, remained tightlipped on the future strategies in the market. “The market is highly bearish and we are just keeping a close eye on the market,” said Arjun Singh, a stock market analyst.