: Stocks fell for the third straight day as the benchmark Sensex on Wednesday ended a sharp 316 points lower at 24,223.32 -a two-week low -- on renewed concerns of a slowing global growth and further weakness in oil prices.
Market sentiment, which is still fragile as China's economy continues to struggle, took a hit after oil prices resumed their slide and dropped below $30 a barrel in Asian trade.
A monthly PMI survey today showed that India's services activity rose to a 19-month high of 54.3 in January from 53.6 in December, but that was not enough to stem the slide.
The 30-share Sensex was on edge right from the word go as the sustained foreign outflow amid a global rout and losses in blue-chip stocks took hold before the market barometer closed at 24,223.32, down 315.68 points, or 1.29 per cent. This is its lowest closing since January 21. The rupee, which again breached the 68-mark against the dollar at the close, dealt another blow.
The gauge has lost 647 points in the three days. The NSE Nifty too remained under pressure and slipped below the 7,400-level by dropping 93.75 points, or 1.26 per cent, to close the day at 7,361.80.
“The continuing volatility in crude price has dragged the benchmark indices for the third day. The rising uncertainty in global market is influencing investors to pull out funds from emerging markets,” said Vinod Nair, Head-Fundamental Research, Geojit BNP Paribas Financial Services ltd.