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Published: Wed, August 09, 2017
Economy | By Melissa Porter

Banks drag Nifty down, Sensex loses initial gains

Banks drag Nifty down, Sensex loses initial gains

A man looks at a screen across a road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, India.

The benchmark BSE Sensex fell as much as 358 points to hit an intra-day low of 31,915.20 before finishing down 259.48 points or 0.80 percent at 32.014.19.

Indian stock markets fell sharply in early noon trade with banking stocks leading the losses. Dr Reddy's Labs, Coal India, the State Bank of India and ITC were the worst performers on the Sensex. Net sales rose 16.2 percent to $2.7 billion while net profit grew four-fold to $101 million from $24 million in the year-ago period, according to regulatory filing by the Aditya Birla Group company.

Meanwhile, Bharti Infratel and Bajaj Finance have witnessed short build up positions during Tuesday's trade.

Others such as Hindustan Aluminium, Nalco and Vedanta, witnessed intense buying, rising up to 6 percent.

Tata Steel's Q1 consolidated net profit came in at Rs 921 crore as against a net loss of Rs 3,183 crore in the corresponding period previous year. MSCI's broadest index of Asia-Pacific shares outside Japan gave up modest early gains to be barely changed, though it was still within a whisker of its recent decade high.

There were 1,002 advances, 665 declines and 320 unchanged stocks on NSE reflecting a strong positive undertone in the market.

Overseas, Asian stocks took a breather as investors awaited for more clues on global demand and U.S. interest-rate policy.

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