Stock markets snap six sessions of gains; IT, banking stocks slide

The benchmark Sensex ended 0.31 percent lower at 36,050.44, but gained 1.52 percent this week.

New Delhi: Snapping six sessions of gains, stock market fell in negative zone in closing trade on Thursday as as investors booked profits. IT stock and banking stocks slid as they stood to receive less money than expected from a government recapitalisation plan.

Caution also prevailed ahead of the expiry of futures and options contracts.

Sensex retreated from record high by closing down 111.20 points to 36,050.44 while Nifty slipped 16.35 points to end at 11,069.65.

However, it recovered some lost ground on short-covering towards the fag end and settled the day at 36,050.44, still down by 111.20 points, or 0.31 percent.

The gauge had gained 1,390.53 points in the previous six record-setting sessions.

The 50-share Nifty too remained in the negative terrain for the better part of the day and touched a low of 11,009.20, before finally closing 16.35 points, or 0.15 percent, lower at 11,069.65 points.

However, it was the eighth straight week of gains for the markets. During the period, the Sensex scored a rally of 538.86 points, or 1.51 percent, while the broader Nifty gathered 174.95 points, or 1.60 percent.

With Agency Inputs