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Sensex closes 53 pts lower ahead of US Fed meet

BT Online     November 1, 2016

The BSE Sensex closed lower on Tuesday, losing its gains in the last 30 minutes of trade in absence of positive global cues.
 
The positive news of factory activity expanding at its fastest pace in almost two years in October also could not prevent the Sensex from slipping into negative territory, with the index closing 53 points or 0.19 per cent lower at 27876 level.

The Nifty closed on a flat note rising 0.01 per cent to 8,626 level.

The Eicher Motors stock closed 5.36 per cent higher at 25,309 levels after Royal Enfield, the two-wheeler division of Eicher Motors reported a 33 per cent rise in total sales at 59,127 units in October.

The Maruti Suzuki stock closed 0.35 per cent lower at 5878 points after the firm reported a marginal decline in October sales.

Market breadth was negative with 305 stocks declining against 190 rising on the BSE 500.

On the 30-stock Sensex,  Tata Steel (3.23 per cent), HDFC (2.59 per cent, NTPC (2.48 per cent) were the  major gainerS.
 
Axis Bank and TCS were the major losers falling 2.53 per cent and 1.96 per cent, respectively.

The market is also watching global cues, with the U.S. Federal Reserve's meeting set to begin on Tuesday, which could provide clues on a December rate hike.

The Bank of Japan on Tuesday held off on expanding stimulus and maintained short-term interest rate target, while the Reserve Bank of Australia will issue its policy decision later in the day.


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