Stock markets halt three-day gaining streak on weak global trends

Benchmark stock indices closed lower on May 24, snapping their three-day gaining streak following profit-taking in financials, metal and oil shares amid a bearish trend in the global markets.

Benchmark stock indices closed lower on May 24, snapping their three-day gaining streak following profit-taking in financials, metal and oil shares amid a bearish trend in the global markets.

The 30-share BSE Sensex fell 208.01 points or 0.34% to settle at 61,773.78 in volatile trade. The index opened lower but bounced back in late-morning deals to hit a high of 62,154.14. The barometer later gave up gains to hit a low of 61,708.10 in line with weak European markets.

The broader NSE Nifty declined 62.60 points or 0.34% to end at 18,285.40 after losses in Adani Entertainment, Adani Ports and Tata Motors.

Among the Sensex firms, Tata Motors, HDFC Bank, ICICI Bank, HDFC, Bajaj Finserv, Reliance Industries, Hindustan Unilever, Larsen & Toubro, Asian Paints and Tata Steel were the major laggards.

Sun Pharma, Titan, ITC, IndusInd Bank, Tech Mahindra and Power Grid were among the winners.

"The domestic market experienced a short-lived rally that was overshadowed by subdued global market sentiment. U.S. Treasury yields rose due to concerns over stalled U.S. debt ceiling talks and hawkish comments from U.S. Fed officials, which reduced the chances of a rate pause," said Vinod Nair, Head of Research at Geojit Financial Services.

Market participants are waiting for the release of the FOMC meeting minutes, scheduled for Wednesday.