Benchmarks close lower for 2nd straight day amid selloff in banking and IT stocks

Mumbai: Key benchmark indices Sensex and Nifty closed lower for a second day on Thursday in a volatile session after a selloff in banking and IT stocks amid lingering geopolitical worries.

After oscillating over 700 points between gains and losses during the day, the 30-share BSE Sensex finally ended 104.67 points or 0.18 per cent lower at 57,892.01. As many as 19 constituents declined while 11 advanced.

The broader NSE Nifty dropped 17.60 points or 0.10 per cent to settle the day at 17,304.60 marking its second straight session of loss.

Among Sensex stocks, ICICI Bank fell the most by 2 per cent, followed by UltratechCement (1.9 per cent) and Axis Bank (1.79 per cent). IndusInd Bank declined by 1.27 per cent, Nestle by 0.85 per cent and TCS by 0.76 per cent.

Infosys, HDFC Bank, SBI, Kotak Bank, and Bharti Airtel also declined.

However, gains in HDFC and Reliance Industries restricted the losses in the Sensex.

HDFC rose the most by 1.71 per cent while Reliance Industries advanced by 1.35 per cent. HUL rose by 0.85 per cent and PowerGrid by 0.43 per cent.

The BSE Midcap index declined by 0.22 per cent while the BSE Smallcap index by 0.67 per cent. Among sectoral indices, Banking and Healthcare indices fell the most, while Oil & Gas and FMCG were the top gainers.

The market width was largely negative as of the total of 3,473 stocks traded, 2,069 stocks declined on BSE. As many as 1,303 advanced and 101 closed unchanged.

The rupee on Thursday slipped 7 paise to 75.11 against the US currency on Thursday due to forex outflows.