Mumbai: Benchmark BSE Sensex reversed its early gains to close lower by 200 points on Thursday, marking its fifth straight session of losses due to selling in realty, IT and auto counters. The 30-share BSE Sensex declined by 200.85 points or 0.27 per cent to close at 73,828.91 with 22 of its constituents ending lower and eight with gains. The index opened higher and hit a high of 74,401.11 in the late morning session. However, it failed to hold onto gains due to persistent selling in select bluechips and shed 259.17 points or 0.35 per cent to hit a low of 73,770.59 later. The NSE Nifty fell 73.30 points or 0.33 per cent to settle at 22,397.20. In the session, the benchmark declined by 93.15 points or 0.41 per cent to hit an intraday low of 22,377.35. The market capitalisation (mcap) of BSE-listed firms declined by Rs1,71,623.67 crore to Rs3,91,12,994.41 crore ($4.49 trn).

“Shortened trading week and sell-off in the US short market are providing a hiccup to the global market. However, India is withstanding with resilience and healthy outperformance, by a narrow negative trend,” said Vinod Nair, head (research), Geojit Financial Services. In broader markets, the BSE smallcap gauge fell 0.62 per cent, while midcap index declined 0.77 per cent.

Ajit Mishra, sr V-P (research), Religare Broking Ltd, said: “On the weekly expiry day, markets remained range-bound and closed slightly lower. While positive global cues initially drove an uptick, selling pressure in heavyweight stocks across sectors pulled the Nifty into the red.”

As many as 2,457 stocks declined while 1,518 advanced and 130 remained unchanged on the BSE.

“The moderating inflation and uptick in GDP numbers failed to cheer investors, as markets ended weak in late selling pressure with mixed European and Asian cues coupled with FII selling dominating the mood. Investors are nervous about the likely imposition of tariffs on Indian goods by the Trump administration and its overall impact going ahead, hence caution with a negative bias could prevail for some more time,” added Prashanth Tapse, senior V-P (research), Mehta Equities Ltd.

After a roller-coaster week, the Nifty ended 0.69 percent lower, while the Sensex was down by 500 points. According to Kotak Securities’ VP-technical Research Amol Athawale, “during the week, the benchmark indices witnessed range-bound activity.”