Mumbai: The market caught in bear grip again on Wednesday, continuing southward journey for third consecutive session on global rout post sharp fall in crude oil prices yesterday.
The broader markets also saw selling pressure. The 30-share BSE Sensex fell 315.68 points or 1.29 percent to 24223.32 and the 50-share NSE Nifty ended below 7400-mark, down 93.75 points or 1.26 per cent to 7361.80.
The BSE Midcap and Smallcap indices were down 1.3 percent and 2.3 percent, respectively. The market could correct another 5 percent from current levels near term, Raamdeo Agrawal, Joint MD, Motilal Oswal Financial Services tells CNBC-TV18, though he is positive in his outlook from a 12-month perspective.
On volatile commodity prices, he says crude have to stabilise first for other commodities as well to settle down. Globally, Brent and US crude oil prices rebounded today, rising 1.4 per cent each (at 16 hours IST) after spending most of the session in negative territory as US crude stocks last week surged to more than half-a-billion barrels and as Iran plans to boost exports from March.
Brent crude crashed 4.4 percent and Nymex was down 5.5 percent in previous session. European markets were trading lower with the CAC, DAX and FTSE down around a percent at the time of writing this article. Asian markets ended lower with Nikkei and Hang Seng down 2-3 per cent.
On home turf, all sectoral indices (barring FMCG) ended in red with Realty falling the most, down 3 percent followed by Bank, IT, Auto and Metal with 1-2.6 percent loss. The market breadth remained in negative terrain as more than three shares declined for every share advancing on the Bombay Stock Exchange.
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