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Sensex, Nifty Break 3-Day Rising Streak; ICICI Bank Shares Fall 3%

ICICI Bank led the declines in banking stocks. Besides, losses in pharma stocks also dragged the markets lower.

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Sensex, Nifty Break 3-Day Rising Streak; ICICI Bank Shares Fall 3%

Thirty four stocks on the 50-scrip Nifty index finished in the negative zone


BSE benchmark index Sensex shed 216 points to close at 34,949 on Tuesday, breaking its three-day winning streak. ICICI Bank, which ended more than 3 per cent lower, led the declines in banking stocks. Besides, losses in pharmaceutical stocks also dragged the markets lower. The NSE Nifty settled at 10,633, down 55 points. Thirty four stocks on the 50-scrip Nifty index finished in the negative zone. Other than ICICI Bank, top laggards on the Nifty 50 included State Bank of India (SBI), Bajaj Finserv, UPL and Yes Bank, settling with losses of between 1.9 per cent and 2.9 per cent. The NSE Nifty had risen 258 points, or 2.5 per cent, in the past three sessions while the BSE Sensex gained 820 points, or 2.4 per cent. 

The Nifty Bank - the NSE's sectoral index for banking stocks - fell 1.4 per cent. Bank of Baroda and Punjab National Bank fell 3.4 per cent each.

Downside was capped due to some buying witnessed in auto and IT stocks. 

HCL Tech rose 1.2 per cent. TCS and Infosys finished with gains of 0.6 and 0.2 per cent respectively. The rupee weakened to as much as 67.99 against the US dollar on Tuesday. Weakness in the rupee against the dollar boosts profitability of Indian IT companies.

Mahindra & Mahindra shares rose 2.9 per cent. The auto maker registered a more than 70 per cent jump in net profit for the January-March quarter. 

State-run oil marketing companies IOC, BPCL and HPCL finished with gains of between 0.6 per cent and 1.2 per cent. In the international market, crude oil prices - which had earlier this month surged near their 2014 highs - dipped on Tuesday. Oil prices remained under pressure from expectations that Saudi Arabia and Russia would pump more crude to ease a potential shortfall in supply. The prices came down nearly 7 per cent since the 2014 high above $80 on May 22.

Foreign portfolio investors (FPIs) had net sold shares worth Rs 795.06 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 1,017.65 crore on Monday, according to provisional data from the NSE.    

(With agency inputs)


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