Closing Bell: Market falls for 7th consecutive day; 5 factors that dragged Sensex over 300 pts

The market fell sharply on first day of the week starting February 18 and continued its downtrend for seventh consecutive session on Monday with the Nifty falling below 10,700-levels, dragged by Reliance Industries, TCS, ITC and HDFC Bank.

Reducing foreign inflows due to fear of escalation of tensions at the border also impacted the sentiment.

The benchmark indices opened flat, but immediately started consolidating. The recent profit-taking phase in private banks and IT majors, which were holding the benchmark indices, are adding to the negatives.

At close, the 30-share BSE Sensex was down 310.51 points at 35,498.44 and the Nifty50 fell 83.40 points to 10,641.

"Contrary to past statistical evidence, Nifty is showing signs of decoupling with the US market. Almost all Asian markets were up today and US too was up on Friday but still Nifty slipped deep in the red. Such decoupling is good in the long-term interest of the Indian markets. The bears have tightened their grip in the market," Umesh Mehta, Head of Research at Samco Securities told Moneycontrol.

Jayant Manglik, President at Religare Broking feels traders have no option but to follow the prevailing bias and prefer hedged positions instead of naked trades.

Source:https://www.moneycontrol.com/news/business/markets/market-falls-for-7th-consecutive-day-5-factors-that-dragged-sensex-over-300-pts-3553541.html

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