Stock market update: Sensex, Nifty falls for third consecutive day

According to the stock market update of today, the markets reversed early gains and closed lower, as a selloff witnessed in financial services, banking, metal and energy spaces weighed.

the NSE Nifty settled at 10,526, down 73 points – or 0.7 percent, while the BSE benchmark index Sensex closed 218 points lower at 34,981 – from the previous close.

Thursday also marked the third consecutive trading session with the key indices finishing lower. Top laggards on the 50-scrip Nifty index were Mahindra & Mahindra, Hindalco Industries, Grasim, Bajaj Finance and Indian Oil, closing between 2.4 percent and 3 percent lower.

Amongst individual stocks, Adani Gas rose 14 per cent to Rs 110.85 on the National Stock Exchange (NSE) on Thursday, extending its rally of over 25% in the past two days. Notably, following the rally, Adani Gas entered the Rs 100-billion market capitalisation (market cap) club.

Though there have been mild gains in Asian peers but it failed to support the domestic equity markets. As rising US interest rates and escalating trade tensions kept financial markets on edge amid signs of slackening global growth, equities in other Asian markets stepped ahead cautiously.

At the close of the market, Indian currency-Rupee strengthened further to 70.9150 against the US Dollar

Notably, the Sensex and Nifty finished the holiday-shortened week with a loss of 476 points and 155 points (1.3 percent and 1.5 percent) respectively.

It is to be noted that the stock markets will remain closed on Friday on account of Guru Nanak Jayanti.

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