Stock markets fall for 4th day on selling in banking shares, STT hike

BSE Sensex falls due to tax hikes, financial sell-off; global markets also down, oil prices rise slightly.

Benchmark BSE Sensex declined for the fourth day in a row on July 24 due to selling in financial and banking shares and the government's move to hike securities transaction tax and short term capital gains tax.

The 30-share BSE Sensex declined 280.16 points or 0.35% to settle at 80,148.88 with 19 of its components closing lower and 11 with gains. During the day, it tumbled 678.53 points or 0.84% to 79,750.51.

The NSE Nifty dropped 65.55 points or 0.27% to 24,413.50.

From the Sensex pack, Bajaj Finserv declined by 2% after its first-quarter earnings failed to cheer investors.

Bajaj Finance, Hindustan Unilever, Kotak Mahindra Bank, Adani Ports, Axis Bank and State Bank of India were the other big laggards.

However, Tech Mahindra, ITC, NTPC, Tata Motors and Sun Pharma were among the gainers.

Conglomerate ITC surged to 52-week highs before closing higher by 0.42% in its second straight day of gains after the budget proposed no new tax on tobacco products.