Published: Fri, June 30, 2017
Economy | By Melissa Porter

Nifty still below 9500, Sensex drops over 100 points

Nifty still below 9500, Sensex drops over 100 points

The 50-share NSE Nifty closed higher by 12.85 points, or 0.14 per cent at 9,504.10, after shuttling between 9,575.80 and 9,493.80.

The benchmark BSE Sensex fell by 123.93 points or 0.40 percent to 30,834.32 while the broader Nifty index finished at 9,491.25, down 20.15 or 0.21 percent from its previous close. It slipped below the crucial 31,000-point mark on Tuesday after 21 consecutive sessions. The BSE Mid-cap Index is trading up 0.15% at 14,490, while BSE Small-cap Index is trading up 0.08% at 15,152. Axis Bank is majorly contributing to the index losses and dragging it to lower level.

From the Nifty basket of shares, 28 were trading higher while 23 were among the losers. "Later, the indices extended slide for the remaining session", Deepak Jasani, Head of Retail Research, HDFC Securities, told IANS.

However, oil refiners gained as crude traded marginally lower after a report of rising USA inventories underscored concerns that a three-year supply glut is far from over.

On the currency front, the rupee weakened by 2-3 paise to 64.55-56 to USA dollar from its previous close at 64.53.

Weak global cues also weighed on sentiment ahead of the derivatives expiry of the June series contract, scheduled for Thursday. "The market turnover was on the lower side ahead of expiry", said Dhruv Desai, Director and Chief Operating Officer of Tradebulls. Some buying activity is seen in IT, Healthcare & Realty indices, while Consumer Durables, Capital goods & Oil and Gas indices are showing weakness on BSE.

However, Kotak Bank lost 1.95 per cent, Tata Motors, 1.40 per cent, SBI 1.39 per cent, Sun Pharma 1.23 per cent, Lupin 0.80 per cent, TCS 0.70 per cent, Asian Paint 0.49 per cent, Dr Reddy's 0, .42 per cent and Reliance Industries 0.40 per cent.

Vedanta, Infosys, Tata Steel, Bharti Airtel, Hindalco, GAIL India, Zee Entertainment and ITC were also among the gainers.

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