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Sensex, Nifty Erase Gains Ahead Of Derivatives Expiry; PSU Banks Drag

The NSE Nifty benchmark index moved in a range of 104.6 points, between 11,361.40 and 11,256.80.

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Sensex, Nifty Erase Gains Ahead Of Derivatives Expiry; PSU Banks Drag

Domestic stock markets erased all of the day's gains on Thursday afternoon, ahead of the expiry of monthly derivatives contracts due by the end of the session. The S&P BSE Sensex surged as much as 322.22 points to 38,169.87 in morning deals, and then slumped 365.07 points from that level in afternoon. The NSE Nifty benchmark index moved in a range of 104.6 points, between 11,361.40 and 11,256.80 at the strongest and weakest levels respectively in the day.

At 12:25 pm, the Sensex traded 18.49 points - or 0.05 per cent - lower at 37,829.16 while the Nifty was down 9.00 points - or 0.08 per cent - at 11,262.30.

Top percentage laggards on the 50-scrip index at the time were Tata Motors, Bajaj Finance, Yes Bank, Coal India and Reliance Industries, struggling with losses of between 1.36 per cent and 2.38 per cent.

Reliance Industries, Larsen & Toubro and ICICI Bank were the top drags on the Sensex.

Eight of 11 sector gauges compiled by National Stock Exchange were trading higher led by the Nifty Pharma Index's 2 per cent gain. On the flipside, Nifty PSU Bank Index was top loser, down 1 per cent.

The overall market breadth was marginally negative as 973 shares were declining while 768 were advancing on the NSE.



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