D-Street falls for 6th day in a row, FPIs sell and sell more

Mumbai : Indian equity indices ended lower for the sixth straight session on Thursday — the longest losing streak since October 7 — with investor sentiment remaining on edge despite signs of markets being oversold. The stock market will remain closed for trading on Friday on account of Guru Nanak Jayanti.

The NSE Nifty fell 0.11% or 26.35 points to close at 23,532. The BSE Sensex declined 0.14% or 110.64 points to close at 77,580. The Nifty has dropped 10.1% and Sensex 9.3% from their highs on September 27.

“While a couple of indicators point to markets being oversold, it is tough to pre dict if the worst is over yet,” said Rohit Srivastava, founder, indiacharts.com. “A further slide of 300400 points is likely if Bank Nifty drops below today’s low .”


Srivastava said that Nifty has closed marginally below the 200-DMA on Thursday, but markets will wait and see whether the breach from the key support level is sharper in the next few sessions.

Bank Nifty gained 0.2% to close at 50,179 off the day’s low of 49,939.

Markets Fall for 6th Day in a Row
In the past week, Bank Nifty declined 2.7% while Nifty PSU Bank and Private Bank slumped 5.2% and 2.3%, respectively. The mid-cap and small-cap indices dropped 3.9% and 4.7%, respectively.

The Mid-cap 150 index advanced 0.5% while the Small-cap 250 index ended 0.8% higher on Thursday. Out of the 4,050 shares traded on the BSE, 2,077 advanced, while 1887 declined. Foreign portfolio inves tors (FPIs) sold shares worth a net ₹1,850 crore on Thursday. Their domestic counterparts bought shares worth ₹2,482 crore. So far in November, FPIs sold ₹24,269 crore after their record selling of ₹1 lakh crore in October.

“Post the US election, the dollar trade has gotten stronger based on Trump’s proposed measures which are impacting emerging market flows adversely,” said Srivastava. “Unless the US dollar eases, foreign selling is expected to continue.”