Markets drift lower amid F&O expiry

Mumbai : Market benchmarks spiralled lower for the third session on the trot on Thursday as investors pared their exposure to riskier assets amid a bearish trend overseas due to macroeconomic concerns.

A continuously depreciating rupee, which tumbled for the fifth straight day against the US dollar, also weighed on sentiment.

The 30-share BSE Sensex shed 286.91 points or 0.48 per cent to end at 59,126.36. The index has now lost 951.52 points in three days. Similarly, the broader NSE Nifty fell 93.15 points or 0.53 per cent to close at 17,618.15. It has declined by 236.95 points over three sessions.

"Indian markets on Thursday closed in negative as the traders have squared off their positions on account of F&O expiry. Asian markets traded mixed this morning after China released mixed economic data and investors continued to monitor the situation at China Evergrande Group.

Globally, the factors like inflationary pressure in the US, rising bond yields, looming energy crisis, supply chain bottlenecks, and regulatory risks in China weigh on investors' sentiment.

Further, the US government's inability to pass key economic bills could also be a cause of concern for the global markets in the near term," said Arijit Malakar, head (research-retail) at Ashika Stock Broking.