Markets fall for 3rd day in a row

Mumbai: The market gauge Sensex on Wednesday fell for the third straight session to mark its lowest level in over five weeks as participants moved to the sidelines exercising caution ahead of the federal Budget.

At close, the 30-share Sensex was down 208.43 points, or 0.50 per cent, at 41,115.38 -- the lowest level for the index since December 16. After starting the session on a high note, the BSE gauge kept on shedding gains and touched the day's low of 41,059.04.

Likewise, the broader NSE Nifty settled 62.95 points, or 0.52 per cent, lower at 12,106.90 -- marking its fourth straight session loss. Both benchmark indices bore the brunt of heavy selling mainly in energy, financial and auto stocks. A subdued corporate earnings season and banks' stressed assets situation have made investors realign their investment strategy, analysts said adding that the upcoming Budget will decide the course of the market in the near to mid-term.

Further, global agencies slashing India's growth outlook is also weighing on domestic investor sentiment, they added. Sectorally, BSE metal, oil and gas and power were among the major losers -- dropping as much as 1.57 per cent. While BSE IT, teck and telecom indices ended up to 1.09 per cent higher. In the broader market, midcap and smallcap indices fell up to 0.32 per cent.

"Domestic markets after opening higher failed to hold on to gains amid profit-booking across finance, auto, metal and pharma stocks, while FMCG and few IT stocks remained in green zone. Uncertainty ahead of Budget has resulted in investors' being cautious for the time being," Vinod Nair, Head of Research, Geojit Financial Services Ltd, said. (PTI)