The benchmark indices extended losses on Thursday, with the Sensex posting its longest losing streak in almost three months, joining a rout of peers across Asia, as investors remained on the edge ahead of the US-China trade talks this week.
The Sensex declined 0.6 per cent, or 230 points, to 37,558.91, a seventh consecutive session of losses in the longest such stretch since February, showed data by Bloomberg. The index has lost 1,508 points, or 3.86 per cent, since April 26. Nearly a third of this fall has been on account of decline in shares of Reliance Industries (RIL), which fell 3.4 per cent on Thursday, dragging the Sensex 141 points down.
The RIL stock fell after Morgan Stanley downgraded the country’s most valuable company to equal-weight from overweight.
Most global markets edged lower as the deadline for the US and China to raise reciprocal tariffs approached.
Locally, quarterly earnings of companies remain in focus for investors. Of the 22 Nifty firms that have so far announced results, 14 have either met or exceeded analyst estimates.
Foreign portfolio investors (FPIs) were net-sellers to the tune of Rs 655 crore, while domestic investors were net buyers to the tune of Rs 678 crore, showed provisional data by stock exchanges.
Thirteen of the 19 sector indexes compiled by BSE fell, led by a gauge of energy stocks.
With inputs from Samie Modak