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Sensex reverses course to end lower as financials drag

File photo. Photograph:( Reuters )

Reuters Bengaluru, Karnataka, India Apr 25, 2019, 04.16 PM (IST)

Indian shares erased early gains to settle lower on Thursday due to volatility around the expiry of April derivative contracts, with financial stocks accounting for a majority of the losses.

The broader Nifty closed 0.72 per cent lower at 11,641.8, while the benchmark Sensex ended down 0.83 per cent at 38,730.86.

Index heavyweight Reliance Industries Ltd retreated from record highs hit earlier in the session to close 1.2 per cent lower, while Bharti Infratel Ltd extended losses to end 10.2 per cent lower a day after the telecom tower operator missed expectations for quarterly profit.

Housing Development Finance Corp Ltd fell 1.3 per cent, while private-sector lender ICICI Bank Ltd slipped 1.4 per cent.

Maruti Suzuki India Ltd ended 1.6 per cent lower after the company forecast a weak rate of growth for the current fiscal year amid an industry-wide weakening of demand.

Meanwhile, cement stocks joined a rally led by UltraTech Cement Ltd after the country`s largest cement maker posted a better-than-expected quarterly profit.

Story highlights

The broader Nifty closed 0.72 per cent lower at 11,641.8, while the benchmark Sensex ended down 0.83 per cent at 38,730.86.