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Published: Sat, December 03, 2016
Economy | By Melissa Porter

Black Friday on D-street, Nifty ends below 8100

Black Friday on D-street, Nifty ends below 8100

While the S&P BSE Sensex closed down 329.26 points (1.24%) at 26,230.66, the Nifty 50 dipped 106.10 points (1.3%) to close below the 8,100-mark at 8,086.80.

The Sensex had gained by 490 points, or 1.89 per cent, in two days.

"While RBI's market stabilisation scheme (MSS) to suck the excess liquidity out of the system provided some short-lived relief to banks, the ongoing GST Council meet and issues related to dual control and implementation disrupted the investors' mood", said Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services.

US stocks inched up marginally overnight as a rally in the healthcare sector offset declines among energy shares ahead of the highly anticipated OPEC meeting.

Hong Kong's Hang Seng was up 0.82 per cent while Shanghai Composite Index rose 0.65 per cent in early trade.

On the global front, European markets made a negative start on Friday as political uncertainty in Italy and France intensified. It was down 0.34 per cent for the week.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 434.42 crore yesterday, as per provisional data released by the stock exchanges.

While that hurt the bond rally, the yield on notes due September 2026 still ended down 55 basis points this month, the biggest decline for a benchmark 10-year security since April 2009.

In the domestic market, 17 scrips firmed up out of the 30-share Sensex pack while others 13 closed lower. As a result, Airtel's overall holding in Airtel Nigeria has increased to 83.25 per cent.

M&M, Hero MotoCorp and Bajaj Auto were trading lower by up to 0.16 per cent. Maruti Suzuki also fell 0.63 per cent despite the company posted double digit sales growth in November.

On the flip side, BPCL down by 3.08%, Kotak Mahindra Bank down by 3.04%, HDFC down by 2.11%, Hindustan Unilever down by 1.93% and ITC down by 1.93% were the top losers. Tata Motors DVR, HCL Technologies, Tech Mahindra, Hindalco, Bharti Infratel and Tata Power are up 0.5% - 1.5%.

The BSE market breadth was tilted in favour of the bears - with 1,779 declines and 884 advances.

The total turnover on BSE amounted to Rs 2,727.04 crore, lower than Rs 2,776.34 crore registered on Thursday.

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