Sensex sheds 248 points; banking stocks drag

The 30-share index ends 247.68 points lower at 39,502.05; NSE Nifty shed 67.65 points to finish at 11,861.10

Snapping its three-day rising streak, the BSE Sensex dropped 248 points on May 29 led by losses in banking, metal and auto stocks amid weak cues from global markets.

After slumping over 300 points, the 30-share index ended 247.68 points, or 0.62%, lower at 39,502.05. The gauge hit an intra-day low of 39,420.50 and a high of 39,767.93.

Likewise, the broader NSE Nifty shed 67.65 points, or 0.57%, to finish at 11,861.10. During the day, the bourse hit a low of 11,836.80 and a high of 11,931.90.

SBI was the biggest loser in the Sensex pack, tumbling 3.29%, followed by Tata Steel, ICICI Bank and Maruti, which shed up to 2.76%.

On the other hand, Sun Pharma, TCS, HCL Tech and HUL were the top gainers, rising up to 2.41%.

According to traders, market turned choppy tracking weak cues from global markets and fresh selling of equities by foreign institutional investors (FIIs).

FIIs net sold shares worth ₹501.11 crore on May 28, while domestic institutional investors (DIIs) purchased equities to the tune of ₹269.22 crore, provisional data available with stock exchanges showed.

Global markets plunged on May 29 after the European Central Bank said a growth slump that could be caused by rising trade tensions is the biggest risk to financial stability in the eurozone.

Bourses elsewhere in Asia ended in the red, and those in Europe were also trading significantly lower in their early deals.

Meanwhile, the Indian rupee depreciated 18 paise to 69.87 against the U.S. dollar.

Brent crude, the global benchmark, dropped 2.16% to 67.19 per barrel.

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