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Sensex snaps 3-day winning run, Nifty ends near 12,050; FMCG, auto stocks weigh

Among the sectoral indices on BSE, the telecom index cracked the most 1.59 per cent.|
Updated: Dec 16, 2019, 04.37 PM IST
As many as 13 stocks in Nifty index ended in green with TCS gaining the most 2.84 per cent.
NEW DELHI: Benchmark equity indices BSE Sensex and NSE Nifty snapped their three-day gaining streak on Monday on profit booking. The 30-share Sensex closed 71 points, or 0.17 per cent, down at 40,939, while the 50-share Nifty index closed 26 points, or 0.22 per cent, down at 12,061.

Markets at glance
Among the sectoral indices on BSE, the telecom index cracked the most 1.59 per cent. It was followed by metal (down 1.43 per cent), FMCG (down 1.28 per cent) and Auto (down 1.05 per cent). On the other hand, IT, TECk, Realty and Healthcare gained between 0.03 per cent and 1.18 per cent.

As many as 13 stocks in Nifty index ended in green with TCS gaining the most 2.84 per cent. HCL, Tech Mahindra, HDFC, Kotak Mahindra Bank and Bajaj Finserv gained 1.66 per cent, 1.66 per cent, 0.91 per cent, 0.90 per cent and 0.78 per cent, respectively. On the other hand, Grasim, Adani Ports, ITC and Eicher Motors, JSW Steel and IOC declined over 1 per cent each.

Shares of Punjab National Bank lost nearly 1 per cent after the Reserve Bank of India said the lender under-reported its non-performing assets by Rs 2,617 crore for the last fiscal.

Sun Pharma also ended lower after the US drug regulator FDA issued eight observations on its Halol plant. The location is one of the largest facilities contributing to the US sales. The scrip closed 0.83 per cent down at Rs 435.

Analysts’ view
“Nifty formed a dark cloud cover candle pattern on the daily chart, which is a bearish reversal pattern. Now the index has good support near 12,000 and if it manages to hold above this zone, then we may see some recovery, otherwise sharp profit booking can be seen. Immediate resistance is coming near 12,100-12,150 zone” -- Rohit Singre, Senior Technical Analyst, LKP Securities

“Inflationary pressure and static manufacturing activity impacted sentiment while trade deal optimism buoyed global markets. Global factors are likely to be more supportive in the near term and market anticipates a better economic growth in the coming years, which is giving support in every consolidation. Investors are also keenly waiting for the upcoming GST council meet to get any cues on overcoming revenue shortfall” -- Vinod Nair, Head of Research, Geojit Financial Services

Global markets
Asian peers mostly closed lower as investors’ initial enthusiasm over a phase one US-China trade deal gave way to concerns about the lack of concrete details on the agreement. Japanese shares ended lower as survey showed the manufacturing sector in Japan continued to contract in December, and at a slightly faster rate. Though, Chinese shares ended higher after the United States and China reached a historic agreement on a phase one trade deal and key Chinese data beats forecasts. China industrial production and retail sales expanded at the fastest pace in five months in November as steps taken by the government helped to boost domestic demand.

Shanghai added 0.56 per cent. Hang Seng, Nikkei and Kospi slid 0.65 per cent, 0.29 per cent and 0.10 per cent, respectively.
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