Bears tighten grip; stock markets end lower for 8th day

Benchmark indices Sensex and Nifty continued their slide for the eighth straight day on Tuesday due to selling in oil & gas, pharma and banking stocks amid worries over further interest rate hikes.

Mixed global cues, selling by FIIs and caution by investors ahead of the release of key macroeconomic data also dented the market sentiment.

Paring its early gains, the BSE Sensex declined by 326.23 points or 0.55 per cent to settle at a four-month low of 58,962.12. During the day, it dropped 492.38 points or 0.83 per cent to 58,795.97.

The NSE Nifty dipped 88.75 points or 0.51 per cent to end at more than four-month low of 17,303.95 as 33 of its stocks declined.

The key indices have fallen for eighth day on the trot which is the longest losing run in more than three-and-a-half years.