Markets settle lower on fag-end sell-off; Sensex falls 311 points

MUMBAI: Equity benchmarks ended lower on Thursday as a fag-end sell-off wiped out early gains, with IT and bank stocks playing spoilsport amid monthly derivatives expiry.

After remaining in the positive territory for the most part of the trade, the BSE Sensex suddenly came under selling pressure during the last half-hour of the session, declining 310.71 points or 0.53 per cent to settle at 58,774.72.

During the day, it hit a high of 59,484.35 and a low of 58,666.41. Similarly, the broader NSE Nifty dropped 82.50 points or 0.47 per cent to end at 17,522.45.

From the Sensex pack, Bajaj Finance, IndusInd Bank, Infosys, Tata Consultancy Services, Axis Bank, Power Grid, NTPC, Larsen & Toubro and HDFC were the major laggards.

Maruti Suzuki India, State Bank of India, Dr Reddy's and Titan were the gainers. In Asia, markets in Seoul, Tokyo, Hong Kong and Shanghai ended higher. Stock markets in Europe were trading in the green during mid-session deals. Wall Street had ended with gains on Wednesday.

Meanwhile, the international oil benchmark Brent crude climbed 0. 17 per cent to USD 101.3 per barrel. Foreign institutional investors (FIIs) bought shares worth Rs 23. 19 crore on Wednesday, according to exchange data.