Benchmark BSE Sensex declined for the fourth day in a row on Wednesday due to selling in financial and banking shares and the government's move to hike securities transaction tax and short term capital gains tax.
The 30-share BSE Sensex declined 280.16 points or 0.35 per cent to settle at 80,148.88 with 19 of its components closing lower and 11 with gains. During the day, it tumbled 678.53 points or 0.84 per cent to 79,750.51.
The NSE Nifty dropped 65.55 points or 0.27 per cent to 24,413.50. From the Sensex pack, Bajaj Finserv declined by 2 per cent after its first-quarter earnings failed to cheer investors.
Bajaj Finance, Hindustan Unilever, Kotak Mahindra Bank, Adani Ports, Axis Bank and State Bank of India were the other big laggards. However, Tech Mahindra, ITC, NTPC, Tata Motors and Sun Pharma were among the gainers. Conglomerate ITC surged to 52-week highs before closing higher by 0.42 per cent in its second straight day of gains after the budget proposed no new tax on tobacco products.