Sensex ends 54 points down; power, bank stocks trip


Mumbai : Equities slipped back into the red on Tuesday after a two-day winning run as the benchmark BSE Sensex declined by 54.14 points to 26,812.78, dragged down by foreign fund outflows and investors booking profit in recent gainers amid caution ahead of crucial British E.U. referendum vote. The rupee, which further weakened by more than 20 paise against the dollar, too kept domestic equities under pressure.

The broader markets however outperformed the Sensex with the small-cap index ending 0.36 per cent higher while mid-cap gained 0.12 per cent. Power stocks tumbled 0.65 per cent and power sector shares took a hit of 0.70 per cent. Aviation stocks, which continued their yesterday’s rally in early deal following the Centre’s decision to allow 100 per cent FDI in civil aviation, succumbed to profit-booking and lost part of the previous session’s gains.

Shares of SpiceJet dropped 3.25 per cent, InterGlobe fell 3.09 per cent and Jet Airways lost 1.53 per cent. In sweeping reforms, the Centre on Monday eased Foreign Direct Investment norms in civil aviation, single-brand retail, defence and pharma by permitting more investments under automatic route. After opening higher, the BSE 30-share Sensex touched a high of 26,925.64 but slipped later to 26,754.60 before ending down by 54.14 points or 0.20 per cent at 26,812.78.

The index had risen 341.46 points in the last two sessions after the government unleashed a new wave of FDI reforms and Brexit worries eased slightly. NSE Nifty after shuttling between 8,257.25 and 8,202.15 settled 18.60 points or 0.23 per cent lower at 8,219.90.