It was the fifth straight day of losses for the Nifty, with select stocks from the banking sector like State Bank of India and ICICI Bank continuing to lose ground.
Indices managed to minimize losses, following a strong surge in the European markets. The Nifty closed lower by 20 points, while the Sensex dropped 64 points in trade. In the last 5 trading sessions the Nifty has now lost nearly 4 per cent.
Among the top Nifty losers in trade were the Bharti twins, Bharti Airtel and Bharti Infratel. Zee Entertainment, Tata Steel and NTPC were among the other Nifty losers in trade. Among the stocks that gained from the Nifty pack were GAIL, Axis Bank, Hindalco and Wipro,
The PSU bank index along with power and pharma were the worst performers in trade. Media stocks continued to trend lower with Zee Entertainment, Dish, Hathway and SUN TV among the major losers in trade.
Shares in Varun Beverages was down for the seventh straight day. The stock ended the day lower by almost 2 per cent.
Shares in Jubilant Lifesciences too had a bad day with the stock falling by almost 2 per cent. Meanwhile, most of the European markets were trading with gains of nearly 2 per cent.