Choppy Sensex under pressure; ADAG stocks most active

The BSE Sensex continued to fall amid choppy trade, weighed down by banks, metals, oil & gas, realty and capital goods stocks. The market looked cautious due to likely impact on growth reforms after Congress lost elections in Uttar Pradesh and limited options with Congress to induce aam adami via upcoming budget. Even falling rupee that raises import bill and upcoming monetary policy are other reasons that market is eyeing.

Suresh Mahadevan, UBS Securities feels that the market is likely to remain nervous till Budget. He said that the market is now focussed on economic recovery and earnings momentum.

"Till Budget, the market may remain worsen. The other thing to watch out is global issues like crude which is also not working out in our favour. So a combination of all this could mean some kind of near-term weakness but I wouldn't worry about anything so fundamental or anything at this point," he elaborates.

The BSE benchmark was down 92 points to 17,081.18 and the NSE benchmark declined 29 points to 5,193.15.
Index heavyweights and oil & gas producers Reliance Industries and ONGC were down 1.2% & 0.6%, respectively.

SBI, country's largest lender and HDFC Bank, biggest private sector lender by market cap, fell 1% each while rival ICICI Bank declined 0.55%.

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