Markets settle lower; HDFC Bank, Reliance, ICICI Bank major drags

Mumbai, May 7 (PTI) Equity benchmark indices declined on Tuesday dragged by HDFC Bank, Reliance Industries and ICICI Bank amid concerns over rich valuation of equities.

Paring all its early gains, the 30-share BSE Sensex went lower by 383.69 points or 0.52 per cent to settle at 73,511.85. During the day, it tanked 636.28 points or 0.86 per cent to 73,259.26.

The NSE Nifty declined 140.20 points or 0.62 per cent to 22,302.50.

From the Sensex basket, Power Grid, IndusInd Bank, Tata Motors, JSW Steel, NTPC, HCL Technologies, Tata Steel, ICICI Bank, Mahindra and Mahindra, Axis Bank, HDFC Bank and Reliance Industries were among the major laggards.

Among the gainers, Hindustan Unilever climbed over 5 per cent. Tech Mahindra, Nestle, ITC, Wipro, Tata Consultancy Services and Kotak Mahindra Bank were the other major gainers.

In Asian markets, Seoul, Tokyo and Shanghai settled with gains while Hong Kong ended lower.

European markets were trading higher. Wall Street ended in the green on Monday.

Global oil benchmark Brent crude climbed 0.23 per cent to USD 83.51 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,168.75 crore on Monday, according to exchange data.

The BSE benchmark edged up 17.39 points or 0.02 per cent to settle at 73,895.54 on Monday. The NSE Nifty declined 33.15 points or 0.15 per cent to 22,442.70.

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