Sensex drops 129 points, Nifty slips to 10,029 as markets snap 6-day winning streak

Indian equity markets snapped the winning streak after losing the momentum over the last six sessions and ended in red on Thursday. Equity benchmark Sensex lost the 34,000-mark in a highly volatile day. 

After opening at 34,072, and hitting a high of 34,310.14 and low of 33,711.24, the 30-share index closed 128.84 points or 0.38% lower to close at 33,980.70. 

Similarly, NSE Nifty lost 32.45 points or 0.32% to close at 10,029.10. 

Tech Mahindra was the top gainer in the Sensex pack, rising around 5%, followed by Sun Pharma, Bharti Airtel, HLC Tech, PowerGrid, Reliance Industries and TCS. On the other hand, Asian Paints, Bajaj Finance, HDFC, IndusInd Bank, Axis Bank and Kotak Bank were among the laggards.

In the previous session, the BSE barometer settled at 34,109.54, up 284.01 points or 0.84 per cent, while the broader Nifty rose 82.45 points or 0.83 per cent to end at 10,061.55.

As benchmarks were trading in green, experts had warned they may succumb to profit-booking and turn jittery amid weak cues from Asian peers. 

This was the first day of loss for Indian equity markets after positive momentum for the sixth straight session. Indian equity markets have been on a roll for the past few days as investors ignored near term growth concerns and cheered the gradual easing of the lockdown and good monsoon prediction.

Experts said hopes of a potential COVID-19 vaccine and expectation of further stimulus announcement by the government kept the sentiments positive.

Global cues too have been positive as investors shrug off political unrest in the US, worries about a second wave of the coronavirus and US-China tensions, Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd said on Wednesday.