India, Aug. 5 -- Snapping the four-day gaining streak, benchmark stock indices Sensex and Nifty closed lower on Tuesday following the introduction of a new auction mechanism for shares having futures and options (F&O) contracts.

Paring early gains, the 30-share BSE Sensex declined by 210.08 points, or 0.27 per cent, to settle at 78,428.95. During the day, the benchmark hit a high of 79,143.15 and a low of 78,211.87, gyrating 931.28 points.

The 50-share NSE Nifty closed lower by 159.40 points, or 0.64 per cent, at 24,614.90 after trading in the negative territory throughout the day. During intraday trade, it edged lower by 346.35 points, or 1.39 per cent, to hit a low of 24,427.95.

Market benchmarks traded on a mixed note in the early s...