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Sensex falls 239 points to 35,149, Nifty at 10,682 on profit-booking, high crude oil prices

The 30-share Sensex resumed higher at 35,483 and advanced to a high of 35,510. However, it slipped on profit-booking and touched a low of 35,087, before finally settling at 35,149, down 238 points, or 0.67 per cent. This is the benchmark's lowest closing since May 4 when it had closed at 34,915.

twitter-logo BusinessToday.In        Last Updated: May 18, 2018  | 09:47 IST
Sensex falls 239 points to 35,149, Nifty at 10,682 on profit-booking, high crude oil prices

 

The BSE Sensex fell 239 points to end at 35,149 as nervous investors took money off the table amid political wrangling in Karnataka. Muted quarterly earnings, crude oil prices inching closer to $80 per barrel, mixed cues from global markets and unabated foreign fund outflows were other factors behind the sharp fall, brokers said.

BJP legislature party leader B S Yeddyurappa was sworn in as the chief minister of Karnataka for the second time, after an overnight high-voltage legal battle in the Supreme Court. However, the apex court made it clear that the swearing-in and the government formation would be subject to the final outcome of the case before it.

The 30-share Sensex resumed higher at 35,483 and advanced to a high of 35,510. However, it slipped on profit-booking and touched a low of 35,087, before finally settling at 35,149, down 238 points, or 0.67 per cent. This is the benchmark's lowest closing since May 4 when it had closed at 34,915.

VK Sharma, head, private client group and capital market strategy at HDFC Securities said,  "The Nifty slipped 58 points or 0.54% to close at 10,683. While the markets opened strong but gradually drifted into the red late morning and remained range bound as better than expected results from Bajaj Capital enabled the markets recover some lost ground. But the markets started falling like a stone as Brent Crude pierced the $ 80 mark. A close below the 10,700 mark is considered a week close. The Nifty is now on a weak wicket. The weekly settlement of the Bank Nifty weighed on the sentiment also. The Bank Nifty fell 0.41%. The FMCG sector index was the worst performer falling 1.28%. Ironically, the advance decline ratio was positive after a gap of seven sessions as the weakness was limited to the large cap stocks. The Mid-cap index gained 0.37%. And the small cap index rallied."

The gauge had lost 168.83 points in the previous two sessions. The NSE 50-share Nifty also lost 58 points, or 0.54 per cent, to 10,682, after shuttling between 10,777 and 10,664. Foreign portfolio investors (FPIs) net sold shares worth Rs 699 crore, while domestic institutional investors (DIIs) bought shares worth Rs 229 crore yesterday, as per provisional data.

 

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