Sensex reverses gains

Stocks frittered away a good beginning on Thursday as Sensex stumbled and lost 145 points to end at 28,840 after investors moved in to book profits towards the close amid a lower opening in Europe.

Sensex and Nifty were near two-year highs in their early sessions.

Asia saw a mixed closing and Europe clocked a lower opening. The US markets on Wednesday closed at a new high. Sensex ended 145 points or 0.5 per cent lower at 28,840, after moving between 29,145.6 and 28,784 points.

Sensex had gained 241 points on Wednesday on strong GDP growth data for October-December and positive global cues.

The NSE Nifty closed 46 points or 0.5 per cent lower at 8,899.7 after hitting 8,992.5 — the highest since March 3, 2015. It also touched a low of 8,880. NSE is National Stock Exchange.

As many as 22 stocks in 30-share Sensex fell and only eight rose.

Market started on a strong footing, picking up cues from global markets on optimism about corporate tax cuts and other policy proposals in US President Donald Trump’s speech before the Congress.