Stock Markets Trade Downward Following Initial Gains

Domestic stock markets rose in early trade on Thursday but eventually gave up all of their gains to trade down as global trends remained modest and foreign fund outflows continued.

The monthly derivatives expiry also added to the market’s volatile patterns.

In the early trading, the 30-share BSE Sensex gained 287.32 points to 66,406.01. The Nifty rose 50.2 points to 19,766.65.

However, both the benchmark indices failed to maintain their winning momentum and later traded in the red. The 30-share BSE index was 64.71 points lower at 66,053.98 and the Nifty was 14.20 points lower at 19,702.25.

Larsen & Toubro, JSW Steel, Axis Bank, Tata Steel, Sun Pharma, and State Bank of India were the top gainers on the Sensex.

The top laggards were Tech Mahindra, Asian Paints, Hindustan Unilever, Bajaj Finance, ITC, and Kotak Mahindra Bank.

In Asian stock markets, Shanghai was up, while Tokyo and Hong Kong were down.

On Wednesday, the US markets ended on a mixed note.

Brent crude gained 0.71 percent to USD 97.24 per barrel.

According to exchange data, Foreign Institutional Investors (FIIs) sold securities worth Rs 354.35 crore on Wednesday.

On Wednesday, the BSE benchmark advanced 173.22 points or 0.26 percent to 66,118.69. The Nifty surged 51.75 points or 0.26 percent to 19,716.45.

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