Stock Market: Equity market benchmark indices Sensex and Nifty slumped for a fifth consecutive session on Thursday as investors offloaded metal, banking, and financial stocks amid mixed trends in global markets. Heavy outflows of foreign capital, following the increase in securities transaction tax and short-term capital gains tax, also weighed on market sentiment

The NSE Nifty fell 7.40 points or 0.03 percent to 24,406.10. During the day, it plunged 202.7 points or 0.83 percent to 24,210.80. Axis Bank fell more than 5 percent from the Sensex pack as the company’s earnings failed to excite investors in the June quarter.

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Titan, Nestle, Tata Steel, ICICI Bank, ITC, IndusInd Bank, JSW Steel, and State Bank of India were the laggards. Among the gainers, Tata Motors jumped nearly 6 percent.

Larsen & Toubro, Bajaj Finance, Kotak Mahindra Bank, Sun Pharma, and Power Grid also ended in the positive territory. Seoul, Tokyo, Shanghai, and Hong Kong were the lower markets in Asia. European markets traded in the negative territory. U.S. markets ended significantly lower on Wednesday.

According to exchange data, foreign institutional investors offloaded equity worth Rs 5,130.90 crore on Wednesday. Brent crude, the global benchmark, fell 1.73 percent to $80.31 per barrel. The benchmark BSE Sensex fell 280.16 points or 0.35 percent to 80,148.88 on Wednesday. The NSE Nifty fell 65.55 points or 0.27 percent to 24,413.50.

Rupee hits all-time low

The rupee fell 1 paise to close at a record low of 83.72 (provisional) against the U.S. dollar on Thursday on increased demand for the American currency in overseas markets and heavy foreign capital outflows. Foreign exchange traders said the fall in the domestic currency followed a sharp correction in the Indian equity markets, triggered by the government’s decision to raise tax rates on capital gains.

In the interbank forex market, the local unit opened at 83.72 and touched an intra-day high of 83.66 and a low of 83.72 against the dollar during the session.

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(With PTI's Input)