Fearing that demonetisation may lead to a sharp fall in consumption in sectors like retail, FMCG, real estate, cement, steel and some others, Dalal Street sold off stocks on Tuesday .This pulled the sensex down by nearly 2%, or 514 points, to close at 26,305, a five-month closing low. Global sell-off in bonds also impacted market sentiment, dealers said.
The day's session witnessed 20 of the 30 sensex stocks closing low and investors left poorer by over Rs.3 lakh crore with BSE's market capitalisation now at Rs.104.1 lakh crore.
Selling during the day was led by foreign funds with net FPI selling for the session at Rs.2,354 crore. Domestic funds were also sellers with a net outflow of Rs.105 crore, BSE data showed.
In the bond market, the current rush of bank deposits saw 10-year bond yields fall to 6.53%, a 11-year low, raising hopes of lower interest rates.
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