Markets End 2-Day Winning Streak; Sensex Drops Over 390 Points Given Negative Global Cues

Following losses in index giants Reliance Industries, ITC, and HDFC bank, equities benchmarks Sensex and Nifty closed in the negative territory on Thursday, snapping a two-day winning streak.

The 30-share BSE Sensex fell 388.40 points or 0.59 percent to 65,151.02. In the broader market, the BSE smallcap gauge rose 0.19 percent, and midcap climbed 0.06 percent.

The NSE Nifty dropped 99.75 points or 0.51 percent to 19,365.25.

ITC was the Sensex pack’s largest loser, down 2.04 percent, followed by Power Grid, Reliance Industries, Larsen & Toubro, Nestle, Kotak Mahindra Bank, Bajaj Finance, and JSW Steel.

Titan, State Bank of India, Bajaj Finserv, Axis Bank, Tata Steel, Sun Pharma, Tech Mahindra, and Bharti Airtel, on the other hand, benefited.

In Asian markets, Seoul, Tokyo, and Hong Kong finished lower, while Shanghai settled in the green.

In the afternoon session, European stocks were trading lower.

On Wednesday, the US markets ended in the red.

Brent crude rose 0.36 percent to USD 83.75 a barrel.

According to exchange data, Foreign Institutional Investors (FIIs) acquired securities worth Rs 722.76 crore on Wednesday.

On Wednesday, the BSE index rose 137.50 points, or 0.21 percent, to 65,539.42. The Nifty rose 30.45 points, or 0.16 percent, to 19.465.

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