Markets keep slipping, Sensex loses 200 points

Markets keep slipping, Sensex loses 200 points

Markets keep slipping, Sensex loses 200 points

Later, it met with profit-booking at higher levels and slipped in the negative zone to hit a low of 35497.92, before settling 12.77 points, or 0.04 per cent to 35543.94.

The 30-share index was trading lower in the morning by 245.23 points, or 0.69 per cent, at 35,298.71.

"Much of such money had earlier gone into index and a few set of stocks, but mid and small cap indices looks to have caught up today, which is also a testimony of positivity by way of increased earnings visibility", James said. Both these indices outperformed the Sensex.

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The market breadth, indicating the overall health of the market, remained negative. On the BSE, 970 shares rose and 1,498 shares fell.

Among the Nifty50 pack of stocks, Tata Steel was the top gainer, up 3.15 per cent followed by Power Grid and Bajaj Finance, which were up 2.80 per cent and 1.82 per cent respectively.

The National Company Law Tribunal (NCLT) has admitted an insolvency petition filed by Swedish communications equipment major Ericsson against Anil Ambani-run RCom and two of its subsidiaries seeking to recover Rs 1,150 crore. "The markets had priced in a clear victory for the BJP, but got disappointed after it fell short of simple majority by a wafer thin margin", said Ajay Bodke, CEO & chief portfolio manager (PMS) at Prabhudas Lilladher. The BJP emerged as the clear-cut victor with more than 117 seats in the contest for 222 assembly seats. However, the index gave up all gains to end modestly lower after Congress-JDS alliance staked claim to form the government.

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Besides, weak Chinese economic data and a lack of progress on trade tariff issues between the U.S. and China further hit investor sentiments.

Global markets were stumped after N Korea canceled high-level talks with Seoul and threatened to call off the much-awaited summit with the USA if it was pushed into unilaterally giving up its nuclear arsenal. This has also raised concerns about the planned summit between US President Donald Trump and his North Korean counterpart leader Kim Jong Un scheduled next month. Investors are weighing the prospect for higher Federal Reserve rates as strong USA retail and factory data on Tuesday fueled bets the Fed may raise rates three more times this year.

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