Stock markets decline on fag-end selling; financial stocks drag
The 30-share BSE Sensex dropped by 170.22 points or 0.20 per cent to settle at 83,239.47
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MUMBAI: Benchmark stock indices Sensex and Nifty pared intra-day gains to close lower on Thursday due to last-hour selling in financial and metal shares.
The 30-share BSE Sensex dropped by 170.22 points or 0.20 per cent to settle at 83,239.47. During the day, it jumped 440.4 points or 0.52 per cent to 83,850.09.
The 50-share NSE Nifty declined by 48.10 points or 0.19 per cent to 25,405.30.
Among the Sensex firms, Kotak Mahindra Bank, Bajaj Finserv, Bajaj Finance, Adani Ports, Trent, State Bank of India, Titan and Tata Consultancy Services were the laggards.
However, Maruti, Infosys, NTPC, Asian Paints, Eternal and Hindustan Unilever were among the biggest gainers.
"Markets traded volatile on the weekly expiry day and ended marginally lower, continuing the ongoing consolidation phase," Ajit Mishra – SVP, Research, Religare Broking Ltd said.
Sector-wise, the trend remained mixed -- auto and pharma posted gains, while metal and realty were among the top losers, he added. The broader indices also mirrored this movement and closed on a flat note.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Shanghai's SSE Composite index settled higher while Hong Kong's Hang Seng ended lower.
European markets were trading on a mixed note. The US markets ended mostly higher on Wednesday.
The Indian services sector growth touched a ten-month high in June aided by robust expansion in international sales and job creation, amid positive demand trends and ongoing improvement in sales, a monthly survey said on Thursday.
The seasonally adjusted HSBC India Services PMI Business Activity Index rose from 58.8 in May to 60.4 in June, driven by sharp upturn in new business orders.
In the Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion, while a score below 50 denotes contraction.
Global oil benchmark Brent crude declined 1.03 per cent to USD 68.40 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,561.62 crore on Wednesday, according to exchange data.
On Wednesday, the BSE Sensex ended 287.60 points or 0.34 per cent lower at 83,409.69. The Nifty declined by 88.40 points or 0.35 per cent to settle at 25,453.40.
