Indian shares slumped for second-straight trading session - LuvKush Finserve

Indian shares slumped for second-straight trading session with the 50-share Nifty ending below the 200-day moving average of 5,638 while the benchmark Sensex breaking its 200-day moving average of 18,593. Risk appetite turned sour on back of heavy selling by exchange traded funds in the cash and futures market segment.

Investor sentiments were also jittery over political instability at Asia's third-biggest economy after Bhartiya Janta Party (BJP) veteran LK Advani hinted at an early election on Wednesday shackling the prospects of economic reforms by the beleaguered government.

Mirroring the domestic macro-economic concerns, the Bombay Stock Exchange's index Sensex dropped 291.94 points to end at 18,509.70 while the National Stock Exchange's Nifty shed 98.15 points at 5,574.75.

All the key sectoral indices ended lower with real-estate, IT, banks, consumer durable, metal sectors leading the drop on BSE. The laggards included counters such as Tata Steel and Jindal Steel dropping 4% each, SBI and ICICI Bank fell 2% each on BSE. The gainers on the Sensex were Coal India adding nearly 2.6%, Dr Reddy's up 3%, while HUL rose 2% on BSE. The broader markets slumped with mid-caps and small-caps declining nearly 2% on BSE.

Source : Equity Bulls

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