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Sensex, Nifty Extend Decline To Fifth Day Amid Broad-Based Selloff

Sensex, Nifty Extend Decline To Fifth Day Amid Broad-Based Selloff

The S&P BSE Sensex and NSE Nifty 50 Indexes extended decline to fifth straight day as selloff across sectors intensified a day after the International Monetary Fund cut its growth forecasts for India. The IMF said the Indian economy is set to grow 7.0 per cent in 2019 and 7.2 per cent the next year, a downward revision of 0.3 percentage point for both years, citing a weaker-than expected outlook for domestic demand. The benchmarks opened lower and extended declines with Sensex declining as much as 274 points and the NSE Nifty 50 Index dropping to over two month low of 11,230. Auto, PSU banking, pharma, metal and realty sector shares were among the worst hit in today's session.

The Sensex fell 0.36 per cent or 135 points to close at 37,848 and the NSE Nifty 50 Index dropped 60 points or 0.53 per cent to settle at 11,271.

Foreign investors have been selling shares in Indian markets and since Budget they have sold shares worth Rs 6,459.23 crore, according to data compiled by NSDL.

Nine of 11 sector gauges compiled by BSE ended lower led by the Nifty Metal Index's 2.4 per cent decline.

Auto, pharma, PSU bank and realty sector gauges also fell between 1 and 1.95 per cent.

Mid- and small-cap shares also faced the heat of selling pressure as the Nifty Midcap 100 and Nifty Smallcap 100 Indexes declined around 1.5 per cent each.

UPL was top loser in the Nifty 50 basket of shares, the stock fell 5.45 per cent to Rs 610. Adani Ports, Indiabulls Housing Finance, Eicher Motors, IndusInd Bank, Bajaj Finance, Britannia Industries, JSW Steel and Tata Motors were also among the laggards, down between 3 and 5 per cent each.

On the flipside, Zee Entertainment was top gainer, the stock rose 4.3 per cent to Rs 376.25 after it reported June quarter earnings post market hours yesterday.

Asian Paints, Hindustan Unilever, HDFC, HCL Technologies, HDFC Bank and Bharti Infratel were also among the notable gainers in the Nifty.

The overall market breadth favoured the sellers as 1,185 shares ended lower while 561 ended higher on the National Stock Exchange.