Indian equity market on September 28 lost further ground and ended lower for the sixth consecutive session amid volatility with selling seen in the metal, power and financial stocks.
The market started the day on a weak note and remained negative for the first couple of hours. However, it saw some recovery in the afternoon trade but last-hour selling dragged the Nifty below 16,900.
At close, the Sensex was down 509.24 points or 0.89 percent at 56,598.28, and the Nifty was down 148.80 points or 0.87 percent at 16,858.60.
“Investors continue to be sceptical of the domestic market's higher premium amid the ongoing global deceleration while foreign investors are fleeing emerging economies in search of safer havens. Although the domestic economy is buoyed by solid fundamentals, the stock market's appetite for risk has been hindered by the rising worries of a worldwide recession,” said Vinod Nair, Head of Research at Geojit Financial Services.