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Benchmark indices shed more than 1.6 per cent on global cues and corporates woes in restructuring bad loans.
On Monday, the Nifty lost 1.67 per cent and closed at 5,118, down 87 points. The Sensex lost 1.64 per cent and closed at 16,877, down 281 points. Analysts said fears of further financial deterioration of Spanish banks kept European markets weak.
Mr Arun Kejriwal, Founder,KRIS Research, saw bleak prospects for the market. “The 70 paise price hike of petrol with no reference to diesel prices indicates a lack of will of the government to reduce fiscal deficit,” he said This, he added, ‘‘does not augur well for tomorrow either.” FIIs were net buyers of equity worth Rs 109 crore while domestic institutions sold equities worth Rs 354 crore.
All the indices on the NSE and the BSE closed in the red. Volatility was high and the India Vix closed at 18.66, up 10.48 per cent.
>raghavendrarao.k@thehindu.co.in
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