Markets resume downward spiral

Mumbai: Benchmark indices resumed their slide on Thursday as trading sentiment remained at a low ebb on lacklustre overseas cues and lack of buying triggers.

A depreciating rupee and persistent capital outflows also weighed on the bourses, traders said. After a choppy session, the 30-share BSE Sensex settled 152.88 points, or 0.37 per cent, lower at 41,170.12. Similarly, the broader NSE Nifty slipped 45.05 points, or 0.37 per cent, to 12,080.85.

Financial markets will remain closed on Friday on account of 'Mahashivratri'. During the week, the Sensex fell 86.62 points or 0.21 per cent, while the Nifty shed 32.65 points or 0.26 per cent.

Asian Paints, HUL, TCS, Nestle, Tech Mahindra and Reliance Industries were among the top laggards in the Sensex pack on Thursday, dropping up to 2.30 per cent.

On the other hand, IndusInd Bank was the top gainer, spurting 3.57 per cent, followed by Tata Steel, SBI, ONGC and PowerGrid. Global markets stayed on the backfoot as investors assessed the economic impact of the coronavirus epidemic.

The coronavirus death toll climbed to 2,118 in China with the death of 114 more people. However, new confirmed cases declined to 394, registering the biggest drop since December when the first case was reported in Wuhan.

"The Sensex remained volatile and ended in negative during the truncated week. Global markets were mixed with the US and Chinese markets trading in the negative for the week.

With the coronavirus situation in China stabilising, commodity prices have started to recover. Thus, crude price has started to inch up and is now close to $60 per barrel.

With the earnings season coming to an end, the focus will shift to global and domestic macro developments" said Sanjeev Zarbade, VP PCG Research, Kotak Securities.