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Sensex slips 148 pts, Nifty below 9,950 as Korea tension persists

Markets are currently dancing on global tunes and there's no clear indication from that front.

Updated: Sep 06, 2017, 04.44 PM IST
Watch: Sensex ends 148 pts lower, Nifty below 9,950
Subdued global cues amid selling in pharma major Sun Pharma weighed on market sentiment on Wednesday. As a result, BSE Sensex closed 147.58 points, or 0.46 per cent, down at 31661.97, while NSE Nifty50 index settled 36 points, or 0.36 per cent, down at 9,916.20.

More than 30 stocks in Nifty index closed in the red with Sun Pharma falling the most at 3.61 per cent, followed by Bosch (down 3.29 per cent), ITC (down 2.56 per cent), Lupin (down 2.28 per cent) and Axis Bank (down 2.12 per cent).

Global brokerage CLSA maintained ‘Sell’ on drug major Sun Pharma with a target price of Rs 370.

On the other hand, Indiabulls Housing Finance, Hindalco, Coal India, Ultratech Cement and GAIL closed higher by 1.95 per cent, 1.69 per cent, 1.28 per cent, 1.27 per cent and 0.91 per cent, respectively.

Mustafa Nadeem, CEO, Epic Research said, “Nifty struggles in range for a second consecutive day, as global cues awaits developments over international geo-political developments.”

Jayant Manglik, President, Retail Distribution, Religare Securities said, “Markets are currently dancing on global tunes and there's no clear indication from that front. Traders shouldn't venture into risky counters and prefer index majors for trading. Also, keep the leveraged positions hedged until trend resumes.”

Sectorwise, the BSE Healthcare and FMCG index dipped over 1 per cent each, whereas BSE Metal and Realty index settled higher by 0.67 per cent and 0.16 per cent, respectively.

Srei Infrastructure Finance-led Bharat Road Network and Rs 600 crore initial public offering (IPO) by Noida-based consumer electronics manufacturer Dixon Technologies kicked off on Wednesday.

The North Korean nuclear crisis continued to haunt other Asian peers. Nikkei and Hang Seng closed lower by 0.14 per cent, 0.46 per cent, respectively.

European market also got off to a weak start. Britain's FTSE 100 slipped 0.6 per cent to 7,330 in morning trade. France's CAC 40 was down 0.3 per cent to 5,073 and Germany's DAX dipped 0.2 per cent to 12,098.

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