Sensex drops 89 points in volatile trading, Nifty settles below 17,250

Sensex and Nifty swung through gains and losses throughout the session before settling lower.

New Delhi:

Indian stock benchmark indices extended losses to the second consecutive session on Thursday as rising oil prices kept investors ahead. Brent crude futures traded above $ 120 a barrel notch amid the ongoing conflict between Russia and Ukraine.

The domestic indices fluctuated between gains and losses during the session before settling lower.

The 30-share BSE Sensex fell 89 points or 0.15 percent to close at 57,596, while the broader NSE Nifty moved 23 points or 0.13 percent lower to close at 17,223.

However, mid-cap and small-cap stocks ended on a positive note as Nifty Midcap 100 index rose 0.59 percent and small-cap stocks rose 0.43 percent.

Seven of the 15 sector meters – compiled by the National Stock Exchange – ended in the red. Nifty Bank, Nifty Consumer Durables and Nifty Financial Services outperformed the index by falling as much as 1.72 percent, 1.62 percent and 1.56 percent, respectively. Nifty IT, Nifty Metal and Nifty Pharma rose.

On the stock-specific front, Kotak Mahindra Bank was the top Nifty loser as the stock cracked 3.10 percent to Rs 1,714.95.

Titan, HDFC twins (HDFC and HDFC Bank) and ICICI Bank were also among the laggards.

The overall market width was negative as 1,448 stocks advanced while 1,940 fell on BSE.

On the BSE index of 30 shares, Kotak Bank, Titan, HDFC Bank, ICICI Bank, HDFC, M&M and Maruti were among the biggest losers.

In contrast, Dr Reddy’s, UltraTech Cement, Reliance Industries, Tata Steel, Tech Mahindra and NTPC have settled in the green.

Zee Entertainment shares also rose as much as 16.83 percent after US investment firm Invesco announced it would abandon efforts to shake up the company’s top management.

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