Markets snap 3-day winning streak amid selling in banking & FMCG stocks, Sensex falls 256 pts

Mumbai: Benchmark Sensex closed lower by around 256 points in a volatile trade on Thursday, snapping its three-day gaining streak due to selling in banking, FMCG and oil and gas shares amid weak Asian cues.

The BSE barometer fell by 255.84 points or 0.39 per cent to close at 64,831.41 points with 22 of its constituents ending in the red.

The index opened higher and later touched a high of 65,178.33 in early trade. It, however, failed to hold onto the gains and plunged 553 points from the day’s high to touch a low of 64,723.63 amid selling on the expiry of derivatives contracts for August month.

The broader Nifty of NSE also lost 93.65 points or 0.48 per cent to settle at 19,253.80 with 35 of its stocks ending in the red.

Asian Paints dropped the most by 1.33 per cent. IndusInd bank fell 1.2 per cent, Axis Bank by 1.19 per cent, SBI by 1.12 per cent, Bajaj Finance by 1.07 per cent, Nestle by 1.04 per cent, and TCS by 0.97 per cent. Hindustan Unilever, Reliance Industries, Power Grid and Kotak Bank also retreated.

Maruti Suzuki was the lead gainer, rising by 2.22 per cent. Titan advanced 1.09 per cent, UltraTech Cement by 1.02 per cent, and Tata Steel by 0.78 per cent. Jio Financial Services, Tech Mahindra, Wipro ICICI Bank and Jio Financia Services also closed higher.

In the broader market, the BSE Midcap index edged lower 0.02 per cent while the Smallcap index bucked the weak trend to close 0.79 per cent higher.

The rupee depreciated by 16 paise to settle at 82.79 against the US dollar on Thursday, tracking a firm American currency and rising crude oil

prices.