Sensex falls 630 pts on delay in land, GST bills

Delay in clearing the Goods and Services Tax (GST) and Land Acquisition bills dented market mood on Tuesday.

As a result, the key benchmark index Sensex tumbled 629.82 points, or 2.29 per cent, to 26,877.48.

The NSE Nifty plunged 198.30 points, or 2.19 per cent, to 8,142.70.

Investors were also cautious on the Steet ahead of the IIP and CPI data, to be released later on Tuesday.

Selling was also visible across the board as all the 12 sectors on the Bombay Stock Exchange ended the day in red.

The S&P BSE Realty index slid by 3.3 per cent to 1,550.62, followed by S&P BSE Power (down 3.12 per cent to 1999.15), S&P BSE Capital Goods index (down 3.1 per cent to 15,874.77), S&P BSE Bankex (down 3.09 per cent to 20233.8), S&P BSE Metal index (down 2.97 per cent to 9900.20) and S&P BSE Oil & Gas index (down 2.56 per cent to 9116.27).

"Selling pressure, weak global cues and concerns over GST Bill dented market mood on Tuesday," G Chokkalingam, founder, Equinomics Research & Advisory, said.

DK Aggarwal, chairman and managing director, SMC Investment and Advisors seconds Chokkalingam and says, "Lack of clarity over the GST and Land Acquisition bills impacted the domestic equity market."

Among Nifty stocks, Dr Reddy's Labs and Hero MotoCorp were the top performing stocks with gain of 3.43 per cent and 3.30 per cent, respectively.

However, Bank of Baroda, Tata Steel, Cairn India, Vedanta and Bhel tanked 7.48 per cent, 6.39 per cent, 5.81 per cent, 5.30 per cent and 4.99 per cent, respectively, and stood at the bottom of the performance chart of Nifty.

The overall market breadth remained weak on the Bombay Stock Exchange as 748 stocks ended with gains, while 1,960 closed with losses. Volumes for Nifty stocks stood at 1,786 lakh, against 1,929 lakh registered in Monday's trading session.

According to the website of NSDL, foreign portfolio investors stood net buyer in the capital markets, bought shares worth Rs 313.29 crore.

Asian peer markets posted mixed bag of performance for the day, Nikkei 225 and Shanghai were up by 0.02 per cent and 1.56 per cent while Hang Seng was down by 1.12 per cent for the day.

The US Dow Jones Industrial Average dipped 0.47 per cent on Monday.