MFs fear inflows could fall by 50% if market mayhem continues

Investors are still trying to digest the developments and probably relooking their portfolio to limit losses

Market sentiment took a beating in line with sharp losses at other Asian markets after a record-breaking loss on Wall Street after investors fret over rising U.S. borrowing costs, brokers said.

The 30-share Sensex was trading lower by 342.12 points, or 0.98 per cent, at 34,724.63 at 1110 hrs. Here is how it all started.

The BSE index opened with a loss of 344.60 points on 34,718.85 and extended it losses hitting the intra-day low of 34,520, within initial 10 minutes of trading. "If this kind of market fall continues then the inflows may fall by half", said a senior equity fund manager from a private fund house on condition of anonymity.

BSE Sensex closes at 342 points that is 0.96% higher; the final closure was at 36,140 points. Tata Motors Ltd cracked almost 10% after it reported lower-than-expected earnings due to weak performance by Jaguar Land Rover (JLR).

Major losers in the 30-share index were Housing Development Finance Corporation (3.86%), Larsen & Toubro (3.49%), Kotak Mahindra Bank (2.66%), Bajaj Auto (2.12%), Adani Ports and Special Economic Zone (2.08%), and Oil & Natural Gas Corporation (1.84%).

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Investors also seemed cautious ahead of the RBI policy meet as they feel that repo rate might be increased amid inflation concerns, brokers said. Along with the broader 50-share NSE Nifty, it was losing more than a per cent. We aren't living in an island so there will be a ripple effect of what is happening in the world on Indian stock markets.

The heavy profit booking comes after months of surges fuelled by corporate earnings, global outlook and optimism over the U.S. economy.

Foreign institutional investors sold equities worth Rs 1,263.57 crore in yesterday's trade, as per provisional data. Japan's Nikkei fell 4.73%, Hong Kong's Hang Seng lost 5.12%, while Shanghai Composite Index shed 3.35%.

The benchmark S&P 500 slumped 4.1 percent and the Dow 4.6 percent, suffering their biggest percentage drops since August 2011 as a long-awaited pullback from record highs deepened. Australian shares dropped 3.0 percent to their lowest since October while South Korean shares fell 3.0 percent.

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