Stock markets decline for 4th day on weak global trends, trade deal uncertainty

Mumbai: Benchmark stock indices Sensex and Nifty declined for the fourth straight day on Thursday amid uncertainty over a trade deal and a muted trend in global markets.

Logging its fourth day of decline, the 30-share BSE Sensex dropped by 77.84 points or 0.09 per cent to settle at 84,481.81 in a volatile session. During the day, it moved between 84,780.19 and 84,238.43, gyrating 541.76 points.

The 50-share NSE Nifty ended flat, skidding 3 points or 0.01 per cent to 25,815.55.

Among Sensex firms, Sun Pharma, Tata Steel, Power Grid, Asian Paints, NTPC and Bharti Airtel were the biggest laggards.

Tata Consultancy Services, Tech Mahindra, Infosys, Adani Ports, Axis Bank and HCL Tech were among the gainers.

In Asian markets, South Korea's Kospi and Japan's Nikkei 225 index settled lower, while Shanghai's SSE Composite index and Hong Kong's Hang Seng index ended in positive territory.

European equity markets were trading higher. US markets ended lower on Wednesday.

"After three consecutive declines, early gains were supported by value buying and a rupee recovery aided by central bank intervention. However, lingering uncertainty over a potential US–India trade deal dampened sentiment, prompting profit-booking later in the day," Vinod Nair, Head of Research, Geojit Investments Limited, said.

Foreign Institutional Investors (FIIs) turned buyers on Wednesday as they bought equities worth Rs 1,171.71 crore, according to exchange data. Domestic Institutional Investors (DIIs) also bought stocks worth Rs 768.94 crore in the previous trade.

Brent crude, the global oil benchmark, climbed 0.42 per cent to USD 59.93 per barrel.

On Wednesday, the Sensex edged lower by 120.21 points or 0.14 per cent to settle at 84,559.65. The Nifty declined by 41.55 points or 0.16 per cent to 25,818.55.