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    Sensex ends longest winning streak of the year, Nifty comes off lifetime high

    Synopsis

    The BSE Sensex snapped an eight-day winning streak to settle at 32,042.37, down 21.39 points.

    ETMarkets.com
    NEW DELHI: Benchmark indices turned sideways after hitting record high on Tuesday, hours before the US Federal Reserve kick starts its two-day policy review. Markets across Europe were rangebound, and the domestic stock indices danced to the global tune.

    The BSE Sensex snapped an eight-day winning streak to settle at 32,042.37, down 21.39 points, or 0.07 per cent. Only 1,310 stocks out of 2,767 that traded on BSE for the day, ended higher.

    NSE barometer Nifty50, on the other hand, hit a fresh record high of 10,178.95 at the opening bell. But that was it. The index closed the day at 10,147.55, down 5.55 points, or 0.05 per cent.

    Independent market analyst Kunal Bothra said it was possible that for the good part of this week and may be the first half of next we would continue to remain in the range of 10,000-10,200.

    The day saw Rs 5,700-crore initial public offer (IPO) of ICICI Lombard General Insurance Company getting fully subscribed.

    In stock specific action, Coal India fell 2.49 per cent to close at Rs 258.20. The stock declined on reports that its arm Mahanadi Coalfields could face a penalty of more than Rs 20,000 crore in the wake of Supreme Court order that rendered all mineral production in violation of environmental laws illegal.

    But what dragged the index down was weakness in index heavyweights such as HDFC duo, Larsen & Toubro and SBI. These stocks fell up to 1 per cent on the day.

    "There are two things, which sort of punctured the bull run. One is extreme pessimism and the other is time-wise consolidation," said Kunal Bothra.

    Shares of Biocon jumped over 3 per cent in Tuesday's trade after the drug maker informed BSE that that US FDA has completed the audit of its facility in Andhra Pradesh without any observation.

    Moreover, shares of domestic gas distribution companies surged up to 5 per cent after global brokerage firm Morgan Stanley raised target price, citing that gas demand in India was on a growth path supported by benign prices and favourable policies. GAIL settled 4.87 per cent up at Rs 420.15 and Gujarat State Petronet closed 3.17 per cent up at Rs 203.55.

    Tata Motors surged 4.58 per cent to Rs 423.90 on BSE. The scrip ended up as top performing stock on Sensex after 1.12 per cent Tata Motors' equity changed hands in a block deal.



    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

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