Nifty slips for 3rd straight day...ends below 6000

The Indian market extended its losing streak to the third straight trading session as heavy selling across the board dragged the NSE Nifty below the 6000 levels. Today's selling was led by Realty, Oil & Gas and Consumer Durables stocks. The broader indices also came under immense selling pressure.



The Nifty has now lost over 250 points while the BSE Sensex has declined nearly 750 points in the last three trading sessions. They are now down for the second consecutive week after coming very close to their all-time highs on the Diwali day.

"Concerns about the simmering political tension over the 2G spectrum scam coupled with persistent selling by the FIIs hurt the sentiment. In fact, the Indian market was the big loser today in Asia despite the markets in China and Hong Kong staging a smart comeback in late trading. One now has to see if FIIs continue to pull out money from India or will start buying at lower levels. One also has to closely follow the global cues," says Amar Ambani, Head of Research (India Private Clients) - IIFL.

The BSE Sensex lost 345 points to close at 19,585 and the NSE Nifty fell 109 points to close at 5,890.

All BSE sectoral indices ended in the red, the BSE Realty index was the top loser the index lost 3.9%, followed by BSE Oil & Gas index slipped 2.6% and the BSE Metal index slipped 2.5%. The broader indices also ended in red, the BSE Mid-Cap index lost by 2% and BSE Small-Cap index slipped 2%.

The European indices were trading in red, the DAX in Germany was down 0.2%, the CAC 40 index in France was down 0.2% and FTSE index was trading lower by 0.8%.

Outside the frontline indices, the big losers in the broader market were Videocon Ind, SCI, Syndicate Bank, Welcorp and MTNL. On the other hand, gainers included Educomp, Idea, Glenmark and Jain Irrigation.