After jumping by nearly 100 points in the early trade, market benchmark index BSE Sensex slipped in the red on Thursday to close 115 points lower at 35,432.39 points.

Similarly, NSE's 50-share pack Nifty slipped by 31 points to close below 10,800 points at 10,741.10 as caution prevailed amid lingering concerns over the ongoing trade war between China and the US. The state-run banks suffered maximum losses on Thursday.

The Nifty PSU bank index fell by 2 per cent in the closing hours.Among the Sensex stocks, maximum losses were posted by Mahindra and Mahindra (MM), Power Grid and ONGC that fell by 2.28 percent, 1.08 percent and 1.72 percent, respectively.Despite the plunge, the scrips that bucked the trend were ICICI Bank and Reliance Industries (RIL) both of which rose by 1.47 percent and 1.22 percent, respectively.Among sectoral indices, the laggards were Nifty auto index (0.97 perent), Nifty pharma index (1.18 percent) and Nifty metal index (1.34 percent). Nifty bank index fell by 0.23 percent, Nifty auto index slipped 0.94 percent, Nifty IT index was lower by 0.28 per cent at the time of market closing.

Similarly, Nifty realty and Nifty private bank indices closed lower by 0.79 per cent and 0.07 percent.

 The small cap stocks slid steeper (1 percent) than the NSE 50 midcaps (0.68 percent) and NSE 100 midcaps (0.60 percent).

The markets also witnessed two IPOs which had the second day of subscription today.

One of them, RITES was fully subscribed on Thursday, while the Fine Organic Industries IPO was subscribed over 20 percent on the second day of subscription. Among the non-Sensex scrips, major gainers included Vakrangee, First Source Solutions, Century ply and Bajaj Holdings Investment which jumped in the range of 3.5 percent to 5 percent.

The losers, however, included Himachal Futuristics Communications and Marksans Pharma that slipped by 6.6 percent and 5.6 percent, respectively.

(With inputs from Reuters)