Sensex tanks 304 points on last day of 2019; Nifty drops below 12,200

Mumbai: Market benchmark Sensex slumped 304 points on the last trading session of 2019, dragged by losses in index-heavyweights Reliance Industries, HDFC twins, ICICI Bank and TCS.

After swinging over 423 points intra-day, the 30-share BSE Sensex ended down by 304.26 points, or 0.73 per cent, at 41,253.74.

The broader NSE Nifty closed 87.40 points, or 0.71 per cent, down at 12,168.45.

Tech Mahindra was the top loser in the Sensex pack, shedding 2.51 per cent, followed by Bajaj Auto, RIL, Hero MotoCorp, IndusInd Bank, Mahindra and Mahindra, HDFC and TCS.

On the other hand, NTPC, Sun Pharma, ONGC, PowerGrid and UltraTech Cement were among the gainers.

Analysts attributed weakness in the market to stock-specific selling and absence of any major trigger point in the market.

Globally, Shanghai ended 0.33 per cent higher while Hong Kong settled 0.46 per cent lower. Markets in Tokyo and Seoul remained closed for year-end holidays.

Stock exchanges in Europe started on a mixed note amid thin trade.

On the currency front, the rupee appreciated marginally against the US dollar to 71.34 (intra-day).

Brent futures, the global oil benchmark, slipped 0.16 per cent to USD 66.78 per barrel.