Financial stocks drag markets to log 4th straight loss

Financial stocks drag markets to log 4th straight loss

Sensex down 48.39 pts; Nifty closes low at 11,331

Mumbai: Benchmark indices Sensex and Nifty closed lower for a fourth straight session on Tuesday, dragged by losses mainly in financial counters amid concerns over tepid corporate earnings.

After trading in the green for a better part of the session, the 30-share BSE Sensex ended 48.39 points, or 0.13 per cent, lower at 37,982.74 due to intense sealing in the final hour.

The gauge hit an intra-day low of 37,898.90 and a high of 38,217.81. The broader NSE Nifty too slipped 15.15 points, or 0.13 per cent, to close at 11,331.05. During the day, the index hit a low of 11,302.80 and a high of 11,398.15.

Country's largest lender State Bank's shares ended nearly 3 per cent down on the Sensex chart, followed by HDFC twins. Sectorally, BSE finance, energy and auto were major losers -- falling as much as 0.82 per cent.

On the other hand, utilities, FMCG, power and realty indices rose. In the broader market, BSE midcap index fell 0.56 per cent, while BSE smallcap gained 0.38 per cent.

Market has been witnessing a sell-off broadly brought about by foreign investor outflow, disappointing budget and a generally dismal earnings season, Sanctum Wealth Management Chief Investment Officer Sunil Sharma.

"Markets could likely continue to be under pressure in the near term as we move through a challenging earnings season," he said.

On the currency front, the Indian rupee depreciated marginally to 68.94 against the US dollar.

Global oil benchmark Brent crude futures were trading 0.16 per cent lower at $63.16 per barrel.

Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Kospi and Nikkei ended higher. Similarly, bourses in Europe were also trading in the green in their respective early sessions.

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