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Published: Wed, November 15, 2017
Tech | By Dwayne Harmon

Markets keep losing steam as Sensex closes further 100 points down

Markets keep losing steam as Sensex closes further 100 points down

The BSE Sensex closed 91.69 points, or 0.28 per cent, down at 32,941.87 on Tuesday, while NSE Nifty index settled 38.35 points, or 0.38 per cent, down at 10,186.60.

Key Indian equity indices on Monday closed with substantial losses, with the Nifty50 dropping to nearly a three-week low, as negative global cues, outflow of foreign funds, as well as heavy selling in index heavyweights subdued investors' sentiments.

The markets opened in the red on Tuesday before regaining the 33,000-mark for a brief period in intra-day trade, following which the indices plunged once again in the last hour to close on a negative note.

The BSE market breadth was bearish - 1,629 declines and 1,082 advances.

Inflation at the wholesale level raced to a 6-month high of 3.59 per cent in October, fuelled by food articles, data released today showed.

"Rise in inflation numbers and weakness in Asian peers blunted the expectations of a recovery and domestic market remained range-bound".

On the currency front, the rupee weakened by 26 paise to close at 65.42-43 against the United States dollar from its previous close at 65.16-17. "Global cues were not helping either amid uncertainty over U.S. tax reform, slow down in Chinese factory output and growing political issues in UK", Vinod Nair, Head of Research, Geojit Financial Services said.

All the sub-indices of the BSE ended in the red except the IT index, which closed up 19.80 points.

On the other hand, NTPC (2.06%), Reliance Industries (1.05%), Lupin (1.04%), Hero MotoCorp (0.89%) and Mahindra & Mahindra (0.75%) were the biggest gainers in the Sensex.

Among the top Sensex losers, Larsen and Toubro fell 2.5 percent, Tata Consultancy Services dropped 1.7 percent, Power Grid lost 2.6 percent while Asian Paints shed 1.8 percent.

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