Markets tank amid heavy selling in bank stocks

Mumbai: Benchmark indices nursed losses for the second straight session on Thursday, dragged down by heavy selling in banking and financial stocks, as August series derivatives expired amid tepid global cues.

After a highly volatile session, the 30-share BSE Sensex ended 382.91 points, or 1.02 per cent, lower at 37,068.93. Similarly, the broader NSE Nifty shed 97.80 points, or 0.89 per cent, to finish at 10,948.30.

Most Asian markets ended in the red amid reports that the US and China are preparing for their next round of trade negotiations in September.

Besides continued concerns over an impending global recession, domestic market witnessed high volatility on the back of weekly and monthly expiration of the August futures and options (F&O) contracts, experts said.

Sectorally, BSE bankex, finance, energy, auto, FMCG and industrials indices fell up to 1.92 per cent. Healthcare, metal, realty, power, oil and gas, utilities and telecom climbed up to 1.50 per cent.