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The inability of the Centre to push through policy issues saw the market shorting stocks on Thursday.
Both the benchmark indices, the Nifty and the Sensex, lost 2.3 per cent. The Nifty lost 119 points to close at 4943.65 while the Sensex shed 389 points to close at 16488.
“There is huge concern among global investors on the Indian investment climate being hampered by policy inaction and indecisiveness,” said Mr K. Ramanathan, CIO – Single Manager Investments, ING Investment Management.
Market-men were disappointed with the Government's decision on foreign direct investment (FDI) in retail.
“The least they could have done was to spell out the exact terms and conditions under which they would go ahead with the decision (to allow FDI in multi-brand retail) in the future,” said a Dalal Street day trader.
Wipro, Sun Pharma, PNB, Cipla and Gail were the top five Nifty gainers, while RCom, JP Associates, BHEL, Sesa Goa and L&T were the top losers.
FIIs were net buyers of equity for Rs 26 crore, while DIIs were net sellers for Rs 198 crore. Retail investors bought equity worth Rs 75 crore in the net on BSE.
Volatility was up eight per cent and the India VIX closed at 28.58.
On the global front, the whole world is awaiting the outcome of Friday's meeting of France, Germany and the European Central Bank (ECB) on tackling the sovereign debt crisis of the Euro-zone.
At the time of going to print, the ECB had cut its main interest rate by 25 basis points to a record low of 1 per cent.
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