The BSE Sensex and Nifty were lower on Thursday, with some selling pressure seen in IT, banking and energy stocks. The Sensex fell as much as 100 points to 27,397 and the Nifty fell over 30 points to a low of 8,248.75.
Most of the Asian markets are closed today due to New Year holidays. US markets ended lower on Wednesday as energy stocks fell tracking the slide in oil prices. The Dow ended 0.9 per cent lower, while the S&P 500 index was down 1 per cent. However for the year 2014 US stocks ended higher for the sixth consecutive year.
Foreign investors bought shares worth Rs 481 crore on Wednesday in cash market, which is likely to cap losses.
Selling was seen in IT, banks and energy stocks. All the three sectoral indices on the BSE were down were down around 0.5 per cent.
Hindalco Industries was the top loser in Nifty down around 1.1 per cent, followed by HDFC and Kotak Mahindra Bank, which were down around 1 per cent.
Energy shares like Cairn India and Reliance Industries fell between 0.5 to 1 per cent on margin concerns as crude oil continued its slide.
Cipla, up 0.57 per cent, was the top gainer in Nifty, followed by BPCL and Bajaj Auto, which were up around 0.4 per cent each.
As of 9.26 a.m. Sensex traded 72 points lower at 27,427.11, while the Nifty was down 24 points at 8,259.