Bank, auto stocks drag markets lower

Top losers in the Sensex pack included SBI, HDFC twins, Bajaj Auto, ONGC and Tata Steel, falling up to 2.49 per cent.

Equity benchmarks Sensex and Nifty clocked losses for a fourth straight session on Tuesday due to intense last-hour selling mainly in financial and auto stocks.

After swinging 319 points, the 30-share index ended 48.39 points or 0.13 per cent lower at 37,982.74.

It hit an intra-day low of 37,898.90 and a high of 38,217.81.

The broader NSE Nifty slipped 15.15 points or 0.13 per cent to close at 11,331.05.

During the day, the index hit a low of 11,302.80 and a high of 11,398.15.

Top losers in the Sensex pack included SBI, HDFC twins, Bajaj Auto, ONGC and Tata Steel, falling up to 2.49 per cent.

On the other hand, PowerGrid, Kotak Bank, Hero MotoCorp, ITC and Asian Paints rose up to 2.94 per cent.

Market has been witnessing a sell-off broadly brought about by foreign investor outflow, disappointing budget and a generally dismal earnings season, Sanctum Wealth Management Chief Investment Officer Sunil Sharma.

"Markets could likely continue to be under pressure in the near term as we move through a challenging earnings season," he said.

Photograph: Danish Siddiqui/Reuters