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Nifty snaps 5-day winning run, Sensex drops 167 pts; RIL, Axis Bank drag

Fresh signs of a thaw in US-China trade war failed to impress investors back home.

Sep 12, 2019, 04.06 PM IST
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NEW DELHI: NSE barometer Nifty snapped a five-day winning streak on Thursday, led by losses in index heavyweights -- Reliance Industries, Axis Bank, Maruti Suzuki and ITC, on expiry of weekly futures and options contracts.

Fresh signs of a thaw in US-China trade war failed to impress investors back home.

Market participants also awaited the factory output (IIP) for July and retail inflation (CPI inflation) for August set to be released later in the day. The country's retail inflation likely rose to a 10-month high in August, while staying below the Reserve Bank of India's medium-term target of 4 per cent, a Reuters poll of economists showed.

BSE benchmark Sensex settled at 37,104, down 167 points or 0.45 per cent with 22 constituents in the red. NSE's Nifty gave up the 11,000 mark to end the day at 10,982, down 54 points or 0.49 per cent.

However, the market leaned in favour of the buyers with 1,370 stocks ending higher on BSE against 1,109 securities that shut shop in the red.

YES Bank was the worst-performing stock, falling 5.10 per cent. It was followed by Tata Motors, Maruti Suzuki, Axis Bank, Bharti Airtel and Bajaj Auto that shed up to 4.76 per cent.

ICICI Bank, on the other hand, was the best index performer. The scrip jumped 2.13 per cent. IndusInd Bank, Sun Pharma and HDFC were other select stocks that settled in the green.

Auto index suffered the most losses on BSE, shedding 1.76 per cent following reports that select states are against a GST cut for the automobile sector, fearing this would lead to a loss in their revenues. Telecom, energy, Consumer Discretionary Goods & Services and Oil & Gas were other sectors that witnessed losses of over 1 per cent.

Only four of the 19 sectors on BSE ended in the green.

BSE Smallcap bucked the trend and ended higher, logging gains of 0.12 per cent while BSE Midcap shed 0.18 per cent.

Globally, Europe's Euro STOXX 600 rose 0.3 per cent, climbing to its highest in nearly seven weeks. Frankfurt, Paris and London markets were up 0.1 per cent to 0.3 per cent. Wall Street futures gauges also rose, adding 0.3 per cent, Reuters reported.

Expert Take
“Market had done well in the last one week and bounced back from the oversold region, which was heavily impacted last month by poor economic data. Today it is waiting for the next set of data to understand whether the worst for the economy is over or if this slowdown will continue in the short term. The outlook on these upcoming data is weak which is likely to be supported by more rate cut by RBI in the next month’s policy meet,” Vinod Nair, Head of Research, Geojit Financial Services
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