Cautious investors slump markets ahead of Budget
Investors turned little cautious ahead of big events like the railway and finance budget
By : DC Correspondent
Update: 2015-02-24 01:00 GMT
MUMBAI: The markets extended their losses for the second consecutive day as investors turned little cautious ahead of big events like the railway and finance budget and the expiry in the F&O segment on Thursday.
After opening the day on a positive note, the Sensex slipped below its psychological 29,000 mark as selling intensified in blue-chip companies like Reliance Industries, GAIL, Axis Bank, Tata Steel and State Bank of India.
The Sensex slumped 256.30 points or 0.88 per cent to end the day at 28,975.11. The Nifty fell 78.65 points or 0.89 per cent to end the trading session at 8,754.95.
Experts said the markets have run up sharply based on expectations and investors are now taking some profit off the table as there is no further headroom left for a major upside from the current levels. “The markets are going to remain highly volatile in the coming days on account of big events like the budget and the expiry of the February derivative series. It would be good if investors lock some profits before the budget,” said Udaya Narayan Dubey, VP, institutional desk at R.K.Global.