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Sensex snaps six-day gaining streak, Nifty holds 10,000; check what dragged markets today

Stumbling the 6-day gaining streak, the BSE Sensex and the Nifty 50 closed lower on Thursday because of sell-off in key financial heavyweights as like HDFC, IndusInd Bank, Bajaj Finance, Asian Paints and also Kotak Mahindra Bank, of the index. The 30-share Sensex fell 129 points or 0.38 percent to finish the session at 33,980, while the broader Nifty 50 index closed the trade at 10.029, down 33 points or 0.32 percent. Among top losers on the Sensex, Asian Paints fell nearly 5 percent, followed by Bajaj Finance, HDFC, IndusInd Bank, ICICI Bank, UltraTech Cement, among others.

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Bank stocks drag: Nifty Bank index slipped over 2.5 percent weighed down by Bandhan Bank, RBL Bank, IndusInd Bank, and Kotak Mahindra Bank. The banking index that was driving gains for the last some few days was the biggest loser in today’s trade. “In the last half , telecom stocks lead the recovery, and Indies managed to Sensex curtail the losses by quite 70% for the day,” as said Vishal Wagh, the Head of Research, Bonanza Portfolio Ltd.
The Nifty Private Bank has dropped over the three percent whereas the Nifty Financial Services index fell 2.64 percent dragged by Cholamandalam Investment and also nondepository financial institution , Bajaj Finance, and HDFC.

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The technical glitch strikes NSE: Error in the price feed of the Bank Nifty contracts impacted the trading activity. “The normal exchange feeds for the Banknifty options were not right because of an issue at NSE,” as Zerodha tweeted.
Bharati Airtel gains nearly 4%: US-based Amazon is reportedly in talks with Bharti Airtel to buy equity stake worth as much as $2 billion in Sunil Bharti Mittal’s telecom firm, Sensex Reuters reported. In April this year, social media giant Facebook announced to buy a 9.99 percent equity stake in Mukesh Ambani’s Reliance Jio for Rs 43,574 crore.

Market outlook for Friday: In the broader market, mid-caps and small-caps ended flat as their sectoral indices on BSE closed 0.06 percent and 0.05 percent lower. “This pause is on the expected lines and we may see further consolidation as well. However, we feel Nifty could make another attempt to test 10,250 levels so traders should utilize further dips around the 9900 zone to create fresh longs. We prefer pharma, IT at current levels, and also select private banking names on dips,” as Ajit Mishra, the VP Research, Religare Broking Ltd, said.

 

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