Sensex stumbles 106 points even as November series takes off

Mumbai: The Sensex fell almost 106 points to 27,810 at the start of the last trading session of the Samvat year 2072 today, hit by muted quarterly earnings by some blue-chips amid capital outflows. The trend remained mixed in the global market. The day marked the beginning of the November series of derivatives contracts, but it appeared that investors chose to play safe. The 30-share index dropped 105.90 points, or 0.37 per cent, to 27,810, with banking, IT, technology and FMCG stocks pulling the index lower. It had gained 79 points in the previous session.

The broad-based Nifty slipped below the 8,600-level by losing 24.60 points, 0.28 per cent, to 8,590.65. Brokers said sentiment remained bearish on sustained foreign fund outflows and a mixed trend in Asia on increasing expectations that Federal Reserve will raise interest rates by the end of this year. Investors were decisively cautious with today being the last session of Hindu Samvat Year 2072, which had a bearing on sentiment.

After all the turbulence, select Tata group shares came back to the green on value-buying. Tata Motors and Tata Steel were trading higher by up to 2.71 per cent. Hong Kong’s Hang Seng was down 0.36 per cent while Japan’s Nikkei jumped 0.52 per cent in early trade today. Shanghai Composite dropped 0.03 per cent. The US Dow Jones Industrial Average ended 0.16 per cent lower yesterday.