epicresearchindore
Epic Research
The BSE Sensex fell more than 100 points in late trade on first day of the week due to further downward journey in banks, capital goods, technology and auto stocks.
Another reason may be the bad start to the second week of monsoon session in parliament today as the opposition party stuck to its demand of Prime Minister's resignation after the huge notional loss of Rs 1.85 lakh crore to the government in coal allocation scam. It means the hopes of some action on reforms by government looks unlikely in near term.
Market expert Ambareesh Baliga said, "The hope is clearly dimming and the political scenario which we are facing right now, clearly policy action is very remote. I think it's time that people have started giving up. Especially those stocks, which had moved in the last couple of weeks, they are clearly giving up as of now."
The 30-share BSE benchmark fell 104.40 points to close at 17,678.81. The 50-share NSE benchmark managed to hold the 5350 level amid selling pressure, which declined 36.45 points to 5,350.25.
Country's largest lenders State Bank of India and ICICI Bank tanked 2.6% and 2%, respectively. Axis Bank, Punjab National Bank (touched a new 52-week low of Rs 676.05) and Bank of Baroda were down 3-4.5%.
Another reason may be the bad start to the second week of monsoon session in parliament today as the opposition party stuck to its demand of Prime Minister's resignation after the huge notional loss of Rs 1.85 lakh crore to the government in coal allocation scam. It means the hopes of some action on reforms by government looks unlikely in near term.
Market expert Ambareesh Baliga said, "The hope is clearly dimming and the political scenario which we are facing right now, clearly policy action is very remote. I think it's time that people have started giving up. Especially those stocks, which had moved in the last couple of weeks, they are clearly giving up as of now."
The 30-share BSE benchmark fell 104.40 points to close at 17,678.81. The 50-share NSE benchmark managed to hold the 5350 level amid selling pressure, which declined 36.45 points to 5,350.25.
Country's largest lenders State Bank of India and ICICI Bank tanked 2.6% and 2%, respectively. Axis Bank, Punjab National Bank (touched a new 52-week low of Rs 676.05) and Bank of Baroda were down 3-4.5%.