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Negative cues from Asian markets and selling by foreign institutional investors led the benchmark indices to close at their eight-week lows on Tuesday. Despite starting the day in the green, equity indices lost ground in the final hour and continued their losing streak for the second consecutive trading session.According to the provisional figures furnished by the Bombay Stock Exchange (BSE), foreign institutional investors (FIIs) were net sellers to the tune of over Rs 30 crore. In the last two trading sessions, FIIs have sold stocks worth approximately Rs 416 crore in the Indian market.The 30-share Sensex of the BSE lost 1.43% to close the day at 17,137.14, while the broader S&P CNX Nifty of National Stock Exchange (NSE) was down by 1.42% to end the day at 5,148.50.Anil Advani, head of research at SBICap securities said, "Indian markets are reacting strongly to the international cues, as there is no major news from the domestic markets. Despite corporates' earnings recording a smooth growth, it has not cast any positive impact on the markets. They are likely to remain range-bound in the next few trading sessions."Most Asian markets ended the day in red following Greece bailout worries and China's policy tightening. Shanghai Se Composite ended at 2,835.28, down by 1.23% while Hang Seng lost marginally by 0.23% to close the day at 20,763.05. Markets in Japan were closed for a public holiday.All sectors in the BSE sectoral ended the day on a negative terrain with huge selling witnessed in realty and metal sector stocks."I don't think, there will be any major collapse from here. However, in the coming days, domestic markets will look at international markets for some triggers," added Advani.Despite markets closing in red, the NSE's cash segment reported a turnover of over Rs 12,700 crore, up by 17.39% against the previous session, while the average daily turnover in the last six months stood at approximately Rs 17,500 crore.The derivatives segment of the NSE reported a turnover of over Rs 76,500 crore gaining 41% compared to Monday's turnover, while the average daily turnover in the last six months stood at approximately Rs 78,200 crore.
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