Stock markets close lower for 2nd day, IT stocks, weak global trends drag

MUMBAI, May 19: Benchmark BSE Sensex dropped by 271 points on Monday, marking the second straight day of losses due to selling in IT stocks and a weak trend in global markets after rating downgrade of the US by Moody’s Ratings.
The 30-share BSE barometer declined 271.17 points or 0.33 per cent to settle at 82,059.42. During the day, it dropped 366.02 points or 0.44 per cent to 81,964.57.
The NSE Nifty dipped 74.35 points or 0.30 per cent to 24,945.45.
Among Sensex firms, Eternal, Infosys, Tata Consultancy Services, Tech Mahindra, Reliance Industries, Asian Paints, HCL Tech and Adani Ports were the laggards.
Power Grid, Bajaj Finance, NTPC, State Bank of India and IndusInd Bank were among the gainers.
“Markets languished in negative territory for major part of the trading session as weak Asian and European indices resulted in investors resorting to profit-taking in IT, capital goods and oil & gas shares,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
Among Asian markets, South Korea’s Kospi, Japan’s Nikkei 225 index and Hong Kong’s Hang Seng settled lower while Shanghai’s SSE Composite index ended higher.
European markets were trading lower. US markets ended in positive territory on Friday.
Global oil benchmark Brent crude dipped 0.41 per cent to USD 65.14 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 8,831.05 crore on Friday, according to exchange data.
On Friday, the Sensex declined 200.15 points or 0.24 per cent to settle at 82,330.59. The Nifty dropped 42.30 points or 0.17 per cent to 25,019.80. (PTI)

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