Sensex falls 288 points; Nifty trades at 9872-level

Sensex falls 288 points; Nifty trades at 9872-level

Sensex falls 288 points; Nifty trades at 9872-level

Indian shares ended sharply lower for a second consecutive session Monday on concerns over fiscal deficit after reports emerged that the government is thinking of spending Rs. 50,000 crore to boost the country's slowing economy.

Weak currency and dismal earnings revival amid global cues roiled the sentiment.

The 30-scrip Sensitive Index (Sensex) of the BSE closed at 31,626.63 points - down 295.81 points or 0.93 per cent - from its previous close at 31,922.44 points.

Japanese index edged higher as Japanese manufacturing activity expanded in September at the fastest pace in four months.

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On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) slipped by 91.80 points or 0.92 per cent to close at 9,872.60 points.

In terms of the broader markets, the S&P BSE mid-cap index tanked by 1.14 per cent and the small-cap index by 2.02 per cent.

ITC, Mahindra and Mahindra, Bharti Airtel, HDFC, Dr Reddy's, Asian Paints, Maruti, Sun Pharma and HDFC Bank, were among other laggards on the Sensex.

Germany remained in a state of flux given that the German chancellor Angela Merkel won a fourth term with uneasy coalition to form the next government.

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Traders said that apart from continuous foreign funds outflows, selling by retail investors amid lingering North Korea tensions led to a further drop in the Sensex.

The realty index contributed most to the decline plummeting 3.46%.

All sectoral indices were in the red, dragged down by capital goods, metal, consumer durables and healthcare, falling by up to 2.03 per cent.

Foreign portfolio investors sold shares worth Rs 1,241.73 crore last Friday, according to data. Hong Kong's Hang Seng Index was off 0.16% in early trade. The currency market lost steam with the rupee falling 32 paise at 65.12 against the United States dollar during the day. Soaring oil prices, which traded at 7-month high of $ 56.86 a barrel overseas, made the investors go back to the drawing board.

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