Stock markets extend losses for 2nd day; Sensex drops 245 points

Mumbai: Equity benchmark indices Sensex and Nifty declined on Wednesday, extending their previous day's losses, due to weakness in IT, consumption, and select banking blue-chip stocks amid escalating geopolitical tensions.

Besides, persistent foreign fund outflows and fresh tariff-related uncertainties also unnerved investors, traders said.

The 30-share BSE Sensex dropped 244.98 points, or 0.29 per cent, to settle at 83,382.71. During the day, it fell 442.49 points or 0.52 per cent to 83,185.20.

The 50-share NSE Nifty declined 66.70 points, or 0.26 per cent, to 25,665.60.

From the 30-Sensex firms, Tata Consultancy Services, Asian Paints, Maruti, Sun Pharma, Hindustan Unilever, ICICI Bank, Kotak Mahindra Bank, Tech Mahindra, HDFC Bank and Larsen & Toubro were among the biggest laggards.

On the other hand, Tata Steel, NTPC, Axis Bank and UltraTech Cement were among the gainers.

Foreign institutional investors offloaded equities worth Rs 1,499.81 crore on Tuesday, and Domestic Institutional Investors (DIIs) bought stocks worth Rs 1,181.78 crore, according to exchange data.

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

Markets in Europe were quoting higher. US markets ended lower on Tuesday.

Brent crude, the global oil benchmark, declined 0.99 per cent to USD 64.82 per barrel.

On Tuesday, the Sensex dropped 250.48 points or 0.30 per cent to settle at 83,627.69. The Nifty edged lower by 57.95 points or 0.22 per cent to 25,732.30.