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Sensex down 161 pts in early trade as BJP heads towards defeat

Bombay Stock Exchange, Sensex

Mumbai: Continuing its slide for the 8th straight session, the benchmark BSE Sensex today fell by over 161 points in early trade on sustained selling by participants after trends suggesting that the BJP was heading towards defeat in Delhi Assembly polls.

Besides, lower-than-expected quarterly earnings by L&T and other bluechip companies and weak trend in global markets dampened trading sentiments.

The 30-share index fell by another 161.87 points, or 0.57 per cent, to 28,065.52. The gauge had lost 1,454.38 points in the previous seven days.

On similar lines, the National Stock Exchange Nifty slipped below the 8,500-level by losing 55.85 points, or 0.65 per cent, to 8,470.50.

Sectoral indices, led by capital goods, realty, oil & gas, healthcare and teck, were trading in the negative zone with losses up to 0.47 per cent.

Brokers said sentiments remained bearish following early trends showing that the BJP was far behind the Aam Aadmi Party (AAP) while counting was on for the Delhi Assembly election results.

They said, however, the government’s projection of economy may grow at a faster pace of 7.4 per cent in the current fiscal as against 6.9 per cent in 2013-14 restricted the losses to some extent.

Among other Asian markets, Hong Kong’s Hang Seng index was down by 0.19 per cent, while Japan’s Nikkei index shed 0.78 per cent in morning trade.

The US Dow Jones Industrial Average ended 0.53 per cent lower in yesterday’s trade.

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