Early Axis Bank losses pull Sensex, Nifty.

MUMBAI: Equity market benchmark indices Sensex and Nifty tumbled in early trade on Thursday, continuing to decline for the fifth day running, dragged by Axis Bank and overall bearish global market trends.

The announcement of a hike in securities transaction tax and short term capital gains tax in the Budget for 2024-25, heavy foreign fund outflows and profit-taking after a record rally also impacted markets’ sentiment negatively during the initial trade.

The 30-share BSE Sensex tanked 671 points to 79,477.83.

The NSE Nifty tumbled 202.7 points to 24,210.80.

From the Sensex pack, Axis Bank declined nearly 6 per cent after the company’s June quarter earnings failed to cheer investors.

JSW Steel, Tata Steel, ICICI Bank, Power Grid, UltraTech Cement and Titan were the other laggards.

Tata Motors, Larsen & Toubro, HDFC Bank and Kotak Mahindra Bank were the gainers.