Sensex registers biggest fall in 10 weeks, dips by 229 pts

Markets slipped for the second consecutive trading session and witnessed its biggest correction in over 10 weeks as the BSE Sensex fell by 229 points or 1.2 per cent to close at 18,708.98 on Monday.

The markets followed the Asian and European markets which broadly traded in the red on Monday.

After opening weaker on insipid Asian cues, Sensex stayed in negative zone throughout and touched low of 18,684.40 before closing 229.48 points down. The 50-share NSE Nifty index ended 70.95 points down or 1.23 per cent at 5,676. "Selling pressure in heavyweights led to fall of over 1 per cent today. Lower opening of European indices as well as weaker US Futures also hit sentiment," said Nidhi Sarswat, senior research analyst, Bonanza Portfolio.

In BSE, 1,515 stocks fell while nearly 1,383 scrips rose. M-cap fell by Rs 62,000 crore to Rs 65.71 lakh crore.

Realty major DLF saw its share price fall by 7.2 per cent to close at Rs 224 per share following the allegations that the company provided undue favours to Robert Vadra. The realty index was the biggest loser at the BSE as it fell by 3.5 per cent.

Among the Sensex companies the biggest losers include Reliance Industries which fell by 4.5 per cent during the day, followed by Hindalco and BHEL that fell by 3.5 and 3.4 per cent respectively.

Oil & gas and capital goods indices were the other major losers as they fell by 2.8 and 2.7 per cent, respectively, during the day. Pharma stock, however, bucked the trend. 12 out of 13 sectoral indices ended lower. Most of the premier indices in Asia feel during the day with Shanghai Composite in China closing the day with a fall of 0.6 per cent and Kospi in Korea falling by 0.7 per cent. In Europe the premier indices in Germany and France were down by 1.2 and 1 per cent, respectively.

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