Bourses decline amid last-hour selling in financial, metal stocks

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.

The index opened higher and rose further by 440.4 points or 0.52 per cent to hit a high of 83,850.09.

However, profit taking emerged in the last hour of trade dragging the barometer to a low of 83,186.74 in the pre-close session.

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.

The BSE smallcap gauge climbed 0.47 per cent while midcap index dipped 0.06 per cent.

Among BSE sectoral indices, services dropped the most by 1.08 per cent, followed by metal (0.77 per cent), realty (0.61 per cent), telecommunication (0.55 per cent), utilities (0.48 per cent) and bankex (0.48 per cent).

Healthcare, consumer discretionary, auto, consumer durables and oil & gas were the gainers.

Vinod Nair, Head of Research, Geojit Investments Limited, said that investors remain watchful of developments surrounding the potential US-India trade agreement, with the 90-day pause nearing its end. FIIs have turned cautious in the recent days due to premium valuation.

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.

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.