Published: Thu, May 18, 2017
Markets | By Noel Gibbs

Sensex gets off record high, dives 222 points

Sensex gets off record high, dives 222 points

Mumbai: Stocks showed signs of fatigue today after two back-to-back record-setting sessions as the benchmark Sensex struggled to maintain its momentum, with investors shifting focus to taking profit.

At the opening, BSE Sensex slipped 101 points or 0.33% at 30,466.82 points, while NSE Nifty50, the broader benchmark, fell 72.55 points or 0.76 to 9,453.20 points. At 9.30pm, Sensex was trading at 25,920.76 points down 0.6%, while Nifty fell 0.4% to 9,484.70 points. The BSE mid-cap and small-cap indices slumped over 2 per cent each.

CESC closed 15 percent lower on the back of announcement of restructuring scheme. The Bank Nifty fell almost 1 per cent on the back of losses in Punjab National Bank, Yes Bank, Axis Bank, IDFC Bank, State Bank of India, Federal Bank and Kotak Mahindra Bank.

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Major losers in the 30-share index were Bharat Heavy Electricals (2.34%), Tata Motors (1.92%), Larsen & Toubro (1.62%), Axis Bank (1.43%), Maruti Suzuki India (1.18%), and ICICI Bank (1.11%).

Sectorally, the BSE realty index suffered the most by losing 3.12 percent, followed by metal (2.76 percent), power (2.14 percent), capital goods (2.09 percent), consumer durables (2.08 percent), auto (1.98 percent), PSU (1.60 percent), FMCG (1.54 percent), oil&gas (1.52 percent), bank (1.25 percent) and healthcare (0.85 percent). Around 9 million shares or 4.5% stake of Syngene International changed hands in a block deal. The index closed up by 1.21 per cent bucking the overall market trend.

Earlier on Wednesday, major USA indices declined on reports of a memo from former FBI Director James Comey that President Donald Trump asked him to stop the investigation of former national security adviser Michael Flynn. Japan's Nikkei too was down 0.49 per cent. The Nasdaq closed 2.5% down at 6011, S&P 500 closed 1.8% down at 2357 and Dow Jones Industrial Average tumbled 1.8% to the 20607 level.

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Under the agreement, the three parties will work on fostering growth of worldwide exports from Pakistani SMEs through e-commerce. Jack Ma said that that the company had a consumer base of around two billion, besides providing jobs to 100 million people.

Asian share markets were also trading on a weak note.

Indian Overseas Bank: Net loss of this bank narrowed to Rs 646.66 crore in Q4 as against net loss of Rs 936.19 crore in the same quarter of previous fiscal due to reduction in provisions for bad loans.

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