Markets end in red as investors assess poll risks

Markets end in red as investors assess poll risks
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Highlights

Benchmark indices nursed losses for the seventh session on the trot on Thursday

Mumbai: Benchmark indices nursed losses for the seventh session on the trot on Thursday as risk sentiment stayed subdued amid the US-China trade tensions and election season volatility.

Sustained foreign fund outflows and a declining rupee also dampened the market mood, traders said.

The 30-share BSE Sensex closed 230.22 points, or 0.61 per cent, down at an over two-month low of 37,558.91.

Similarly, the broader NSE Nifty shed 57.65 points, or 0.51 per cent, to settle at 11,301.80.

The Sensex has now lost 1,472.64 points or 3.77 per cent in seven sessions, while the Nifty has declined by 446.35 points or 3.79 per cent.

On the global front, equities bore the brunt of fresh flare-up of tensions between the US and China.

Ahead of the next round of talks aimed at ending the trade war between the world's two largest economies, China said it will retaliate if US raises tariffs on Chinese products.

Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas, said: "May continues to be an eventful month with just a few phases left of the general elections and the ongoing Q4FY19 earnings season will keep the market volatile in the short term."

Sectorally, the BSE energy index dropped 2.63 per cent, followed by metal, telecom, power and bankex that shed up to 1.49 per cent.

Teck, IT, realty and consumer durables indices rose up to 0.44 per cent. In the broader markets, the BSE Midcap and Smallcap indices too ended in the red.

Foreign institutional investors (FIIs) net sold equities worth Rs 701.50 crore on Wednesday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 232.95 crore, provisional data available with stock exchanges showed.

The Indian rupee depreciated 22 paise to 69.93 against the US dollar intra-day.

Global oil benchmark Brent crude was trading 0.10 per cent lower at $70.30 per barrel.

Bourses in other Asian countries ended significantly lower. European stocks were also trading weak in early trade.

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