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Our Bureau

Mumbai, July 3 Stock markets suffered another major fall on Thursday, wiping out most of yesterday’s gains.

Crude touching $146 a barrel coupled with poor job data in US dampened sentiment in all major markets.

The BSE benchmark index lost 570 points and closed at 13,094 after a 700 points dip intra-day.

The Nifty closed below 4,000-level at 3,925, a loss of 167 points. Both indices lost more than four per cent.

FIIs were net sellers at Rs 606.92 crore while domestic institutional investors bought shares worth Rs 526 crore, according to the BSE-NSE provisional data.

“FIIs have been selling in emerging markets to meet the high redemption demand from their clients,” said Mr Vishwas Agrawal, an independent technical analyst.

Explaining the current volatility, Mr Sudhanshu Pandey, Technical Analyst, LKP Securities, said, “There is no element of confidence because of excessive gloom and doom leading to aggressive short selling.”

“This volatility will continue for a few more trading sessions; the quarterly numbers that will start pouring in from next week and crude oil prices will matter,” he said.

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