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The BSE benchmark Sensex dropped for the second straight session today and ended 48 points down as investors preferred to stay away from riskier assets like stocks amid worries over the pace of the global recovery.
In a choppy session, the Bombay Stock Exchange's 30-share barometer ended at 17,460.95, down 48.38 points, or 0.28 per cent.
The bellwether opened firm on positive domestic cues, but failed to sustain the gains till the end of session as heavy selling emerged in the second half of trade dragging the index down to touch a low of 17,426.78.
The wide-based 50-share Nifty Index of the National Stock Exchange also lost 0.27 per cent to 5,237.10 points.
Most of the sectors presented a mixed picture and stock specific movement was more prominent in the market.
"Despite good economic data on domestic front, investment sentiment is low on worries of the pace of recovery in global economy. Stock specific movement are more prominent and trend is likely to continue in coming days also," Geojit BNP Paribas Research Head Alex Mathews said.
Sterlite Industries dropped for another day and lost 2.31 per cent, the most in the Sensex scrips, on worries of a slowdown in China. Tata Steel was down by 0.02 per cent. However, Hindalco and Jindal Steel ended in the green and rose 0.7 per cent and 0.28 per cent, respectively.
Except banking, all the sectoral indices on the BSE ended in the negative zone, with consumer goods, metal, realty and oil & gas leading the losses.
Reliance Industries, which carries the maximum weight in the Sensex, sank 0.72 per cent to Rs 1,068.45. L&T dropped 0.31 per cent and DLF 0.53 per cent.
IT bellwether Infosys Technologies declined 1.3 per cent. Brokers attributed the fall in the scrip to fears of a slowdown in developed nations.
"Market players were looking for some cues from global equity markets, which were not that encouraging," said a broker at a leading brokerage.
Analysts said the sentiment on Dalal Street was also weak ahead of the US employment report, due today, with the numbers likely to show further deterioration in June.
However, Wipro and TCS were able to buck the trend on the falling Sensex and rose 2.95 per cent and 1.66 per cent, respectively.
ONGC, which is on gaining streak following the government's decision to deregulate the fuel prices, edged higher by 0.10 per cent. Yesterday, the energy's giant's board gave its nod for developing a cluster of oil & gas fields in the Western Offshore.







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