The BSE Sensex declined for a fifth day in a row suggesting a broad correction in stock markets. The Sensex fell 20 points or 0.10 per cent to 19,640 while the 50-share Nifty closed 2 points higher at 5,959. The rupee traded lower at 53.15 to the dollar.
Markets fell despite a strong start that saw the Sensex jump over 100 points. The Sensex has now fallen 350 points in the last five sessions, and markets are trading at more than a four-week low.
There's no consensus among analysts whether the markets have topped out or this is just an extended correction. Technical analyst Sarvendra Srivastava said as long as 5,940 is held on the Nifty, he would retain his bullish stance.
Power major NTPC fell 2.35 per cent ahead of its share sale tomorrow. The base price is likely to be priced below the current market price. Coal India was the other big loser, ending down 2 per cent. (Read full story here)