Sensex, Nifty Edge Lower As Markets Give Up Early Gains

Losses in banking, financial services and infrastructure stocks pulled the markets lower; however, gains in IT shares limited the downside.

Sensex, Nifty Edge Lower As Markets Give Up Early Gains

Domestic stock markets edged lower after a positive start on Thursday amid a muted trend in Asian peers. The S&P BSE Sensex index fell as much as 102.17 points to hit 41,456.40 on the downside and the broader NSE Nifty benchmark declined to as low as 12,191.15, down 30.5 points from the previous close. Losses in banking, financial services and infrastructure stocks pulled the markets lower however gains in information technology shares limited the downside.

At 9:30 am, the Sensex traded 26.37 points - or 0.06 per cent - lower at 41,532.20 while the Nifty was down 8.30 points - or 0.07 per cent - at 12,213.35.

Thirty two stocks on the 50-scrip index at the time traded lower. Top laggards were Yes Bank, GAIL, IndusInd Bank, ICICI Bank and Larsen & Toubro, down between 0.81 per cent and 2.14 per cent.

On the other hand, top percentage gainers on the Nifty 50 benchmark were HCL Tech, Asian Paints, TCS, Mahindra & Mahindra and Tata Motors, trading between 0.77 per cent and 1.21 per cent higher. 

HDFC, ICICI Bank, IndusInd Bank and L&T were the top drags on the Sensex.

Equities in other Asian markets pulled back from a one-and-a-half year peak on Thursday as investors booked profits ahead of holiday trade and awaited further data on the state of the global economy. 

MSCI's broadest index of Asia-Pacific shares outside Japan briefly touched the highest since June 2018 but then fell 0.2 per cent.

Investors were also watching proceedings in Washington where the Democrat-led US House of Representatives voted to impeach Republican US President Donald Trump for abuse of power and obstruction of Congress.

Market reaction, however, has so far been limited as the Republican-controlled Senate is widely expected not to vote to remove Trump from office.

The S&P BSE Sensex had risen 206.40 points or 0.50 per cent - to end at a record 41,558.57 and the broader NSE Nifty benchmark climbed 56.65 points (0.47 per cent) to a closing high of 12,221.65.

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