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Sensex, Nifty close lower, Infosys erases losses

Among losers, the Infosys stock fell as much as 3.25 per cent, Wockhardt and Jet Airways too closed lower on their Q1 earnings.

BT Online        Last Updated: August 16, 2016  | 16:50 IST
Market opens flat, Infosys slips on contract loss

The Sensex and Nifty on Tuesday closed lower amid lacklustre trade.

The Infosys stock pulled down the Sensex in opening trade as it fell as much as 3.25 per cent on Royal Bank of Scotland cancelling its plan to separate and list a new standalone bank, Williams and Glyn (W&G) in the UK. The stock later recovered and closed at Rs 1,050, a loss of 1.16 per cent.

While the Sensex lost 87 points to close at 28,064 level, Nifty too fell 29 points to 8642 level at the end of day's trade.

Wockhardt fell 3.64 per cent or 29 points to 781.15 level after the firm reported a 82.65 per cent  decline in consolidated net profit to Rs 15.89 crore for the first quarter ended 30 June, mainly on account of dip in sales and increased expenditure.

The Jet Airways stock fell 2.27 per cent in early trade on the BSE after the airline reported a 44 per cent decline in consolidated net profit at Rs 126 crore in the three months to June as total income from operations fell amid "intense competition" in the industry. It later closed 0.27 per cent lower at Rs 540 on the BSE.

Among gainers, the SBI stock closed 1.34 per cent higher at Rs 246.35 after the state lender reported a lower-than-expected rise in bad loans on Friday. On Friday too, the SBI stock rose more than 5 per cent on the BSE.

Meanwhile, Sensex heavyweight Reliance Industries fell 1.04 per cent at Rs 1024.20 on the BSE.

Market breadth was mildly negative with 230 stocks advancing against 266 declines on the BSE 500.

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