Stock markets fall for second straight day on selling in metal, select auto & pharma stocks

Mumbai: Benchmark BSE Sensex fell by 297 points on Tuesday in its second straight day of losses due to selling in metal, select auto and pharma shares amid weak trends in Asian and European markets.

Reversing its early gains, the 30-share BSE Sensex declined 297.07 points or 0.36 per cent to settle at 82,029.98 as 23 of its constituents closed lower and seven with gains. The 50-share NSE Nifty went lower by 81.85 points or 0.32 per cent to 25,145.50.

Stock markets started the day on a high note but failed to hold momentum due to weak global trends and trade-related concerns, analysts said.

Bajaj Finance was the biggest loser among Sensex stocks, dropping by 1.8 per cent. Tata Motors, TCS, Tata Steel, Bharat Electronics, NTPC, Trent, Asian Paints and Axis Bank were also among the laggards. However, Tech Mahindra, ICICI Bank, Power Grid, Hindustan Unilever and Reliance Industries were among the gainers.

The BSE smallcap gauge dropped 0.95 per cent and midcap index declined 0.74 per cent. All sectoral indices ended lower. Telecom dropped the most by 1.39 per cent, followed by oil & gas (1.01 per cent), realty (0.96 per cent), metal (0.95 per cent) and services (0.87 per cent).

As many as 2,870 stocks declined, 1,337 advanced and 127 remained unchanged on the BSE.

The rupee depreciated 13 paise to revisit its all-time low of 88.81 against the US dollar on Tuesday, weighed down by negative domestic equities and overnight gains in the American currency.