Banks drag Nifty down, Sensex loses initial gains

Banks drag Nifty down, Sensex loses initial gains

Market benchmark Sensex swayed considerably throughout the day, closing with losses today, pulled down by a rush to lock in profit towards the fag end and weak corporate earnings.

The broader NSE Nifty ended 0.78 per cent lower at 9,978.55, its lowest close in two weeks.

The 50-issue Nifty too rose by 25.20, or 0.25 per cent to quote at 10,082.60.

The Sensex has so far touched a high of 32,354.77 points and a low of 31,915.20 points during intra-day trade.

Market breadth was negative with 539 advances against 1,611 declines.

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On Tuesday, the stock markets saw a major downturn as bank stocks took serious blows after Sebi directed bourses to initiate action against 331 suspected shell companies on Monday.

Indian shares fell for a second straight session on Tuesday on the back of selling pressure in banks and oil stocks.

In its Tuesday morning note, Geojit Financial Services said that the yield on 6.79% bonds maturing May 2027 closed flat at 6.46 percent on August 7 while the Indian rupee ended lower at 63.81 to the U.S. dollar, after rising to two-year high on Friday last week. "Except for metal stocks, all other sectoral indices witnessed sell-off", Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS. Investors booked profit in recent out-performers.

Asian shares went flat on Tuesday as disappointing Chinese trade data clouded the otherwise upbeat outlook on global growth.