Stock markets snap 4-day winning run on weak global trends

PTI

Mumbai, March 5

Benchmark Sensex declined by 195 points on Tuesday, snapping its four-day gaining streak due to selling in IT shares and index heavyweight Reliance Industries amid weak trends from global markets and foreign fund outflows.

Taking a breather after a record-breaking rally, the 30-share BSE Sensex declined by 195.16 points or 0.26 per cent to settle at 73,677.13 due to profit taking. During the day, the barometer tanked 460.04 points or 0.62 per cent to 73,412.25.

The broader Nifty declined by 49.30 points or 0.22 per cent to close at 22,356.30.

Among Sensex firms, Bajaj Finserv and Bajaj Finance fell by over 4 per cent each. Nestle, Infosys, Tata Consultancy Services, Wipro, UltraTech Cement, HCL Technologies, Larsen & Toubro and Hindustan Unilever were the other major laggards.

Bharti Airtel, State Bank of India, Sun Pharma and NTPC were among the gainers.

Tata Motors, which announced the demerger of its passenger and commercial vehicle businesses into two listed entities, closed higher by 3.52 per cent after rallying to a 52-week high in intra-day trade.

Among Asian markets, Seoul, Tokyo and Hong Kong settled lower while Shanghai ended in the green.

European markets were trading lower. The US markets ended in negative territory on Monday.

Global oil benchmark Brent crude dipped 0.21 per cent to USD 82.63 a barrel.

Foreign institutional investors (FIIs) offloaded equities worth Rs 564.06 crore on Monday, according to exchange data.

Extending its rally to the fourth straight session on Monday, the BSE Sensex settled at an all-time high of 73,872.29 points. The Nifty closed at a lifetime peak of 22,405.60. Sensex and Nifty rallied around 2 per cent in four sessions to Monday.

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