Sensex and Nifty end lower in volatile trade as banking and metal stocks weigh

The Sensex and Nifty benchmarks closed lower in volatile trading on Thursday due to selling in banking, metals and energy counters amid a mixed trend in global markets.

Declining for the second day in a row, the 30-share BSE Sensex Index fell 193.70 points, or 0.31 percent, to settle at 62,428.54 even after a positive start. On the day, it fell 263.1 points, or 0.42 percent, to 62,359.14.

The NSE Nifty Index fell by 46.65 points, or 0.25 percent, to close at 18,487.75 points.

Bharti Airtel of the Sensex package fell 3.42 percent and Kotak Mahindra Bank fell 3.31 percent. ICICI Bank, ITC, HDFC Bank, UltraTech Cement, HCL Technologies and Maruti were other major defaulters.

Among the winners were Tata Motors, Hindustan Unilever, Asian Paints, Sun Pharma, Nestle, Tata Consulting Services, Wipro, Bajaj Finance, Access Bank, Indus Ind Bank.

In Asian markets, Seoul and Hong Kong closed lower, while Tokyo and Shanghai settled in the green.

Stock markets in Europe were trading in positive territory. US markets ended lower on Wednesday.

Under all circumstances, India continues to maintain a streak of economic growth that is outpacing the world after GDP for the March quarter exceeded all expectations with an expansion of 6.1 per cent, helping to push the annual growth rate to 7.2 per cent.

Brent crude, the global benchmark for oil, fell 0.17 percent to $72.48 a barrel.

Foreign institutional investors (FIIs) continued to remain buyers, buying shares worth ₹3,405.90 crore on Wednesday, according to exchange data.

In the United States, far from a default crisis, the House of Representatives approved a debt ceiling and a package of budget cuts late Wednesday, as President Joe Biden and Speaker Kevin McCarthy put together a bipartisan coalition against a blistering conservatives and progressive opposition.