Global cues drag equity indices lower; Nifty50 lowest in 3 weeks

Stock markets

039;Star' pattern on Nifty shows uncertainty likely to continue

The broader 50-share NSE Nifty met with the same fate, dropping 38.35 points, or 0.38 per cent, to close at 10,186.60 after shutting between 10,248 and 10,175.55.

The Indian rupee opened higher by 9 paise at 65.33 per dollar on Tuesday versus 65.42 on Monday.

Benchmark indices extended losses for second consecutive day Tuesday, with the Sensex closing below 33,000-mark on weak Asian cues and unlikely rate cut post increase in inflation.

Market breadth was negative with 754 advances against 1,125 declines. India's wholesale price inflation stood at 3.59% for October, a rise from 2.6% in September. "The weakness came on the back of weak global cues", Deepak Jasani, Head - Retail Research, HDFC Securities, told IANS.

On the currency front, the rupee weakened by 26 paise to close at 65.42-43 against the United States dollar from its previous close at 65.16-17.

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"Global cues were not helping either amid uncertainty over the U.S. tax reform, slowdown in Chinese factory output and growing political issues in the United Kingdom", he added.

Provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 233.56 crore, while domestic institutional investors divested scrips worth Rs 268.77 crore.

The top gainer on both indices was Hero MotoCorp, whose share prices rose 2.1% on the Nifty and 1.96% on the Sensex.

According to market observers, heavy selling pressure in index heavyweights like Larsen and Toubro, Power Grid, Tata Consultancy Services and Sun Pharma, among others, added to the downward trend of the indices.

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