Sensex Closes Lower For Eighth Day In A Row, Nifty Gives Up 10,650

The S&P BSE Sensex fell for eighth session in a row while NSE Nifty logged in seventh session of losses led by declines in blue-chip stocks like Reliance Industries, Tata Consultancy Services, ITC and HDFC Bank. Domestic equity markets bucked the bullish trend seen across the global markets as the S&P BSE Sensex ended 0.87 per cent or 310.51 points lower at 35,498 and the NSE Nifty 50 Index dropped 0.78 per cent or 83 points to shut shop at 10,640.95.

Hopes of progress in Sino-U.S. trade talks and expectations of policy stimulus from central banks lifted world stocks to 2-1/2 month highs on Monday, though European gains were dampened by concerns over the car sector's outlook.

Back home, seventeen of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Consumer Durables index's 1.4 per cent decline. On the other hand, S&P BSE Telecom Index was top gainer, up 1 per cent.

Indiabulls Housing Finance was top loser in the Nifty 50 basket of shares, down 3.5 per cent to close at Rs 617. Tata Consultancy Services, Reliance Industries, Bajaj Finserv and Yes Bank were also among the losers. On the flipside, Bharti Infratel was top gainer, the stock rose 3.13 per cent to Rs 316.50. ONGC, Zee Entertainment, Tata Motors, Axis Bank, Tech Mahindra and NTPC were also among the gainers.

Mid- and small-cap shares underperformed their larger peers as the S&P BSE Midcap and S&P BSE Smallcap Indices fell 1 per cent each.

The overall market breadth was bearish as 1,676 shares ended lower while nearly 880 shares ended higher on the BSE.