Tech Mahindra, Infosys, Tata Steel, Bajaj Finserv, Axis Bank and IndusInd Bank were the major laggards.
Tech Mahindra, Infosys, Tata Steel, Bajaj Finserv, Axis Bank and IndusInd Bank were the major laggards.
Benchmark indices Sensex and Nifty gave up early gains to close in negative territory on Thursday as IT and pharma stocks fell amid fears of a slowdown in the global economy.
The 30-share Sensex opened and advanced to touch a one-day high of 60,676.12 on gains in auto and capital goods stocks. However, it gave up all early gains and later settled lower by 412.96 points or 0.68% at 59,934.01. The barometer fell 481.22 points, or 0.79%, to a low of 59,865.75 during the session.
Nifty closed at 17,877.40, down 126.35 points or 0.7%.
Tech Mahindra, Infosys, Tata Steel, Bajaj Finserv, Axis Bank and IndusInd Bank were the major laggards in the Sensex pack.
Maruti, Power Grid, NTPC, HDFC, Bharti Airtel, Larsen & Toubro and State Bank of India closed with gains.
Asian markets in Tokyo and Hong Kong ended in the green, while Shanghai and Seoul closed lower.
On Wednesday, the US markets closed with a positive trend.
“Defeating the positive trend of global markets, domestic indices lost their early gains, dragged by losses in the IT and pharma sectors, while mid and small caps outperformed. Fears of a slowdown in the global economy weighed on the IT and pharma sectors. Selling pressure increased in the shares. Vinod Nair, Head of Research, Geojit Financial Services, said.
He said that globally, in light of increased inflation in the US, investors are on the edge of assessing the possibility of a higher magnitude of rate hikes at the next Fed policy meeting.
Meanwhile, international oil benchmark Brent crude fell 0.04% to $94.06 a barrel.
Foreign institutional investors pulled out Rs 1,397.51 crore from the domestic stock market on Wednesday.