Markets snap 4-day gaining streak after RBI policy announcement

Equity benchmarks Sensex and Nifty surrendered early gains to close with losses on Thursday, snapping their four-day winning streak as investors pared exposure to auto, bank and IT stocks after the RBI left its key interest rate unchanged.

After remaining in the positive territory for the most part of the session, the 30-share BSE Sensex fell 294.32 points or 0.47 per cent to settle at 62,848. During the day, it tumbled 353.23 points or 0.55 per cent to 62,789.73.

The NSE Nifty declined 91.85 points or 0.49 per cent to end at 18,634.

Kotak Mahindra Bank was the biggest loser in the Sensex pack, sliding 2.68 per cent, followed by Tech Mahindra, Mahindra & Mahindra, Axis Bank, Hindustan Unilever, Tata Motors, Tata Consultancy Services, Bajaj Finserv, Bajaj Finance, Nestle and Titan.

In contrast, NTPC, Power Grid, Larsen & Toubro, HDFC, Reliance and HDFC Bank were the gainers.

In Asian markets, Seoul and Tokyo ended lower, while Shanghai and Hong Kong settled in the green.

Global oil benchmark Brent crude dipped 0.31 per cent to USD 76.71 a barrel.