Market Benchmark Sensex on Thursday closed the day 73 points lower at 35,246.27, dropping its early gains and breaking its three-day straight winning streak, as investors booked profit in recent gainers.
Investors remained cautious amid concerns over surging global crude oil prices and weakening rupee. Oil prices continued to spiral after touching multi-year highs overnight amid news of renewed US sanctions on Iran and its impact on global oil supplies.
International benchmark Brent crude futures hit their strongest since November 2014 at USD 77.76 per barrel on Thursday.
Unabated capital outflows by foreign funds and disappointing earnings by some companies added to the weak trend, brokers said.
In the early trade, the 30-share Sensex rose over 128 points and moved up to 35,500.76, but lost momentum later to hit the day’s low of 35,203.85. It finally ended 73.08 points or 0.21 per cent lower at 35,246.27.
In the last three sessions, Sensex had gained 403.97 points.
Meanwhile, the broader NSE Nifty swung between 10,705 and 10,785.55, before ending 25.15 points or 0.23 per cent lower at 10,716.55.
As for foreign portfolio investors (FPIs), on a net basis, sold shares worth Rs 704.03 crore, while domestic institutional investors (DIIs) bought shares worth Rs 664.92 crore on Wednesday, according to provisional data.