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Sensex Closes 274 Points Lower, Nifty Holds 10,600 As IT Stocks Sag: 10 Things To Know

Analysts say continuous strength in the rupee fuelled the fall in IT stocks
Analysts say continuous strength in the rupee fuelled the fall in IT stocks
  1. The Nifty IT index - comprising technology stocks - finished 2.8 per cent lower. Analysts say continuous strength in the rupee fuelled the fall in IT stocks.
  2. The rupee has risen for six sessions in a row. It had settled at 71.46 against the dollar, having risen by 143 paise in the past six sessions.
  3. Heavyweight Reliance Industries ended 2.1 per cent lower, leading the pack of energy stocks to fall 1.5 per cent for the day.
  4. "Markets are down on negative global sentiment. But they have moved up quite a bit from their recent lows, so at these levels there is some nervousness as the corporate earnings season is over," news agency Reuters cited Siddhartha Khemka, head of retail research at Motilal Oswal Securities, as saying.
  5. On the other hand, Dr Reddy's Laboratories and Aurobindo Pharma stocks finished  6.4 per cent and 3.1 per cent higher respectively, contributing to a 1.7 per cent rise in the Nifty Pharma index. Gains in pharma stocks kept the downside in the markets in check.
  6. "Market is now looking forward for OPEC's (Organization of the Petroleum Exporting Countries) actions, comments from the US and China on trade war," Mr Khemka further said.
  7. Crude oil prices recovered some of the over 6 per cent plunge witnessed in the previous session, lifted by a report of an unexpected decline in US commercial crude inventories as well as record Indian crude imports.
  8. Losses in the domestic markets came amid fund outflows triggered by institutional investors. Net sale of shares stood at Rs 753.17 crore by foreign institutional investors (FIIs), and Rs 44.06 crore by domestic institutional investors (DIIs) on Tuesday, according to provisional data from the NSE.
  9. Bond and money markets remained closed on Wednesday for a public holiday.
  10. Equities in other Asian markets moved lower amid heightened concerns about global economic growth as crude oil prices struggled to hold ground. MSCI's broadest index of Asia-Pacific shares outside Japan was last down 1.41 per cent.
(With agency inputs)