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MARKET WRAP: Sensex falls 216 pts, Nifty fails to hold 10650; banks drag

SI Reporter/New Delhi 29 May 18 | 03:30 PM


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ended lower with the Sensex falling over  200 points on global correction and weaker rupee.

The S&P BSE Sensex ended at 34,949, down 216 points while the broader Nifty50 index settled at 10,633, down 55 points

Banking & financials stocks pulled the markets lower with the Nifty Bank Index slipping as much as 1.3% after three straight sessions of gain, with ICICI Bank and SBI shedding 3% each. 

Among indivisual stocks, M&M rose 3% after the company's March quarter earnings beat analyst expectations as profit grew by 50% year-on-year to Rs 11.55 billion and revenue increased 25.6% to Rs 131.89 billion during the quarter.


The rupee extended fall in afternoon, depreciating 50 paise to Rs 67.94 against the US dollar on fresh demand for the greenback from importers and banks.


A deepening political crisis in Italy provoked a second day of heavy selling on European financial markets, with the euro cut to a 6-1/2 month low, stocks punished and short-term borrowing costs surging for the government in Rome.

Asia flinched too. Japan’s Nikkei slipped 0.6%. Chinese shares were in the red, too, with the blue-chip index down 0.6% and Hong Kong’s Hang Seng index off 0.7%. 


Oil prices remained under pressure from expectations that Saudi Arabia and Russia would pump more crude to ease a potential shortfall in supply.

US crude futures tumbled to six-week lows and looked set for a fifth straight day of declines. The July contract was last down 1.6% at $66.81 a barrel.

(with Reuters inputs)

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Company Price Gain (%)
Coal India291.552.59
Axis Bank636.201.92
Sun Pharma.Inds.635.251.69


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