Mumbai: The market fell for the second consecutive session on Friday due to continued logjam in parliament for the fourth day and weak Asian cues. Disappointed earnings from Crompton, M&M Financial, TVS Motor and rising NPA woes in banks also dented sentiment.
The 30-share BSE Sensex lost 258.53 points or 0.91 per cent to 28,112.31 and the 50-share NSE Nifty fell 68.25 points or 0.79 per cent to 8521.55.
The market breadth was also weak as about 1587 shares declined against 1272 shares advanced on the Bombay Stock Exchange.
The market may remain rangebound in near term and if the major bills (Land and GST) does not get passed in monsoon session of parliament then the market may see further fall, believe experts.
Even though the numbers so far haven’t been good, there has been positive events like price decline in the commodity market, improvement in foreign institutional flows (FIIs), and there is still hope of better results, Taher Badshah of Motilal Oswal AMC said, adding that no significant ‘downside’ is expecteed in the coming week.
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