Markets snap 8-session winning streak; Sensex drops 236 points

Mumbai: The Sensex and Nifty snapped their eight-session rising streak on Thursday as the new set of stimulus measures announced by the finance minister failed to stem profit-booking in banking, IT and energy stocks.

Lacklustre global cues and a weakening rupee further weighed on sentiment, traders said.

After dropping 466.12 points during the day, the 30-share BSE Sensex ended 236.48 points or 0.54 per cent lower at 43,357.19.

Similarly, the broader NSE Nifty slipped 58.35 points or 0.46 per cent to 12,690.80.

SBI was the top loser in the Sensex pack, shedding 3.16 per cent, followed by Kotak Bank, IndusInd Bank, NTPC, ICICI Bank, Axis Bank, HDFC Bank and ONGC.

On the other hand, HUL, ITC, L&T, Bajaj Finserv, Tech Mahindra and Bajaj Finance ended with gains of up to 2.89 per cent. Finance Minister Nirmala Sitharaman on Thursday announced tax relief on select home sale deals, enhanced credit guarantee programme for small businesses and provide incentives for new job creation as the government widened stimulus measures to boost the economy.

BSE bankex, finance, utilities, energy and IT indices ended up to 2.05 per cent lower, while FMCG, capital goods, industrials and realty indices finished higher. Broader BSE midcap and smallcap indices outperformed the benchmark, rallying up to 1.20 per cent.

In Asia, bourses in Shanghai, Hong Kong and Seoul ended in the red, while Tokyo settled on a positive note. Stock exchanges in Europe were also trading with losses in early deals.

Meanwhile, international oil benchmark Brent crude was trading 0.07 per cent lower at $43.77 per barrel.

The rupee depreciated by 28 paise to close at 74.64 against the US dollar.