HDFC Bank, RIL drag market down, Sensex ends 300 pts lower

Mumbai,The key Indian equity indices ended lower for the third consecutive session on Thursday as the large-caps continued to witness heavy selling pressure. The market breadth was negative with 36 out of the 50-scrip Nifty index stocks closed in the red.

Reliance Industries and HDFC Bank contributed the most to the Nifty fall, which settled over 0.70 per cent lower at 12,127. Other heavyweights that dragged the markets were Larsen & Toubro, ITC, Kotak Mahindra Bank and Bharti Airtel.

The BSE small-cap index, in sharp contrast, ended 0.38 per cent higher, while the mid-cap index closed marginally lower.

Sector-wise metal stocks were the best performers owing to the easing of trade tension between the US and China. The index closed 0.59 per cent higher led by SAIL and Jindal Steel.

The Sensex closed 0.72 per cent lower at 41,163.76, after shutting between the intra-day high of 41,543.80 and a low of 41,132.89.

Geojit Financial Services Head of Research Vinod Nair said: "Market started-off on a flat note on holiday shortened week. However, consolidation extended on account of F&O (futures and options) expiry-led volatility and concerns over the fiscal math of the government due to possible delay in divestments planned this fiscal".