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Stock markets snap 3-day gaining streak on losses in banking, oil shares

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MUMBAI, Aug 24: Benchmark stock indices Sensex and Nifty pared early gains and settled lower after a volatile trade on Thursday due to selling in index major Reliance Industries and HDFC Bank.

The BSE Sensex closed 180.96 points or 0.28 per cent lower at 65,252.34 with 18 of its constituents ending in the red. During the day, it hit a high of 65,913.77 and a low of 65,181.94.

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The NSE Nifty declined 57.30 points or 0.29 per cent to settle at 19,386.70 as 35 of its stocks declined while 16 advanced.

Sensex and Nifty opened higher following overnight gains in US stocks and positive cues from Asian markets. However, the indices failed to hold onto gains due to losses in IT, oil, and banking shares.

From the Sensex pack, Jio Financial Services fell the most by 4.99 per cent. Reliance Industries, Power Grid, Larsen & Toubro, JSW Steel, HCL Technologies, NTPC, Tata Steel, Wipro, Tata Consultancy Services and HDFC Bank also declined.

IndusInd Bank, Infosys, UltraTech Cement, ICICI Bank, Nestle and Axis Bank were among the gainers.

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“While markets were volatile in early trades, it turned rangebound with a negative bias thereafter and finally ended on a subdued note as investors are not taking any chances by betting big in an uncertain global economic environment.

“Investors will continue to take cues from global markets for direction as nobody wants to get caught off guard in case of any negative developments,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.

Optimism in the domestic market was more visible in the IT sector, though sentiments were reversed in other major sectors, likely influenced by the prevailing global uncertainties, Vinod Nair, Head of Research at Geojit Financial Services said.

In the broader market, the BSE smallcap gauge climbed 0.21 per cent and midcap index gained 0.11 per cent.

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Among the indices, energy declined by 0.69 per cent, metal fell by 0.45 per cent, consumer durables (0.39 per cent), capital goods (0.30 per cent) and oil & gas (0.23 per cent).

FMCG, IT, telecommunication, services and teck were the gainers.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended in the positive territory. European markets were trading in the green. The US markets ended with gains on Wednesday.

Foreign Institutional Investors (FIIs) turned buyers on Wednesday as they bought equities worth Rs 614.32 crore, according to exchange data.

Global oil benchmark Brent crude climbed 0.10 per cent to USD 83.29 a barrel.

The BSE benchmark had climbed 213.27 points or 0.33 per cent to settle at 65,433.30 on Wednesday. The Nifty had gained 47.55 points or 0.25 per cent to end at 19,444. (PTI)

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