Markets end in red for 3rd straight day as Covid surge in China keeps buying sentiment in check

Mumbai: Equity benchmarks surrendered early gains to finish in the red for the third session on the trot on Thursday as hawkish comments from RBI and the Covid surge in China kept buying sentiment in check despite largely positive global market trends.

After a gap-up opening, the 30-share BSE Sensex buckled under selling pressure as the session progressed and finally closed 241.02 points or 0.39 per cent lower at 60,826.22. During the day, it tumbled 430 points or 0.70 per cent to 60,637.24. Similarly, the broader NSE Nifty dropped 71.75 points or 0.39 per cent to settle at 18,127.35.

Mahindra & Mahindra was the top loser on the Sensex chart, declining 2.61 per cent, followed by Bajaj Finserv, IndusInd Bank, Tata Motors, L&T, Tata Steel and Axis Bank.

UltraTech Cement, Infosys, Asian Paints, Kotak Mahindra Bank, Sun Pharma and Bharti Airtel were the winners, climbing up to 0.84 per cent.

The market breadth was negative, with 24 of the 30 Sensex stocks posting losses.

In the broader market, the BSE smallcap gauge fell 1.83 per cent and the midcap index declined 0.77 per cent.

Only the tech index managed to end in the green.

International oil benchmark Brent crude climbed 0.99 per cent to $83.01 per barrel.

The rupee appreciated by 5 paise to close at 82.79 against the US dollar on Thursday amid a weak greenback in the overseas markets.