Sensex, Nifty log 1st drop in 3 days amid global sell-off

Domestic benchmarks today dropped for the first time in three days with the Sensex slumping 243 points and the Nifty slipping over 74 points as investors booked profits in banking and metal stocks, amid weak global cues due to persisting geopolitical tensions.
The BSE 30-share Sensex resumed slightly lower and gradually moved down further to settle at 25,665.27, a fall of 242.74 points or 0.94 per cent. In previous two days, it had flared up by 427.17 points or 1.68 per cent.
The NSE Nifty also dipped 74.50 points, or 0.96 per cent, to 7,672.05 after gaining 144 points in the last two sessions.

Almost all the major Asian stock markets fell with indices in Japan and Jakarta the worst-hit. European indices were last trading deep in the red, down upto 1.5 per cent.
In oil trade, the benchmark West Texas Intermediate (WTI) for September delivery rose 10 cents to USD 97.48 while Brent crude gained 25 cents to USD 104.86.
The weakness in global financial markets, triggered by reports of fresh build-up of troops on Ukraine's border by Russia, also affected the Indian rupee that dropped to near five-month lows of 61.41 against greenback intra-day on rising outflows and dollar buying.

"Indian equity markets were seen struggling today as participants opted to book profits after two sessions of wins. Mainly, weak global cues and depreciation in Indian rupee against the dollar dampened the sentiments," Jayant Manglik, President-retail distribution, Religare Securities.

In the BSE Sensex, shares of ITC, ICICI Bank, Tata Motors, HDFC Bank, ONGC, Axis Bank, HDFC, Sun Pharma, Sesa Sterlite, Tata Steel and Hindalco were among 23 laggards.
Overall, 10 out of 12 S&P BSE sectoral indices closed in the red. Only IT and Teck barometers finished in the green on smart rise in Infosys and mild uptick in Wipro.
Brokers also said that worries over slowing purchases by foreign investors concerned participants. Overseas investors picked up shares worth only Rs 52.85 crore yesterday.
IT stocks were in demand after fall in the rupee value. Infosys was the top gainer from the Sensex pack with a rise of 2.01 per cent on news that three former executives have asked the company to consider a buyback of shares.