Sensex slips for second straight day

The Indian markets ended the day with losses for the second straight trading session on Thursday. The Banking stocks led the decline in the benchmark indices. Among the other major laggards were the Realty and the Oil & Gas stocks. Even the Mid-Cap stocks were under pressure Small-Caps gave up their gains.



"Lack of cues from the Asian markets and some weakness in the European indices dampened the sentiments on Dalal-Street. However, the NSE Nifty index bounced back towards the fag end of the session and ended off day’s low as it found support at its trend line which is visible on the hourly chart," says Amar Ambani, Vice President, Research – India Private Clients, IIFL.

The decision of deferring the verdict on the Ayodhya case also restricted the downfall. The SC on Thursday defered the Ayodhya ruling to September 29, from September 24. The matter was heard by a Bench headed by Justice R.V. Raveendran. The verdict by the Lucknow Bench of the Allahabad High Court was to be delivered on Friday. The Allahabad High Court had refused to defer the verdict in the suit.

BSE Sensex fell 81 points to close at 19,861, while, NSE Nifty slipped 31 points to close at 5,959.

The European indices were trading in the red, the DAX in Germany was down 0.6%, the CAC 40 index in France was up 0.2% and FTSE index in UK down 0.7%.

Outside the frontline indices, the big losers in the broader market were Central Bank, Marico, Jai Corp, Canara Bank. On the other hand, gainers included REI Agro, PTC India, Nagarjuna Const and Ispat Ind.