Key benchmark indices Nifty and Sensex fell 1 percent each amid mixed global cues. The Bombay Stock Exchange index Sensex fell 1 percent to a low of 70,324, while the Nifty fell 0.9 percent to 21,247.
The market was hit by foreign institutional investors selling shares this week. Foreign investors have sold shares worth Rs 19,300 crore so far this month. Many banking stocks have lost.
VK Vijayakumar, chief investment strategist at Geojit Financial Services, said investors should use market volatility to adjust their portfolios. He says many banking companies are good value
The Nifty Midcap and Smallcap indices outperformed the major indices today, gaining 0.2 percent each in the first hour of trade.
Tech Mahindra’s shares fell by four percent today. It was the biggest decliner in the Nifty IT index..In the private sector, Axis Bank, HDFC Bank, ICICI Bank and Kotak Mahindra Bank fell mainly due to sluggish investment growth.
PSUs such as Bank of Baroda and Punjab National Bank shares rose up to one per cent.