Sensex slips 69 points, Nifty below 10500 in late morning trade

Sensex slips 69 points, Nifty below 10500 in late morning trade”

Sector-wise, Nifty PSU Bank and Nifty IT ended in the green, while Nifty Pvt Bank and Nifty Fin Services ended as top losers. The Dow Jones Industrial Average plunged 381 points to close at 25,029, the Nasdaq Composite Index tumbled 57 points to finish at 7,273 and the S&P 500 lost 30 points to end the day at 2,714.

Overseas, Asian markets closed lower with the Japan's Nikkei, China's Shanghai and Hong Kong's Hang Seng falling 1 per cent each while European indices - France's CAC, Germany's DAX and Britain's FTSE - were down 0.3 per cent each.

Indian stock markets are likely to start Wednesday's session on a lower note, with the SGX Nifty trading down 79.00 points at 10483 on Singapore Exchange. At 11:26 am, the Sensex was trading at 34,093, down 90.87 points, while the broader Nifty50 was ruling at 10,474, down 18.85 points.

In economic releases, reports on durable goods orders and consumer confidence painted a mixed picture of the economy.

Foreign portfolio investors (FPIs) sold shares worth a net of Rs 906.86 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 1,046.67 crore yesterday, provisional data showed.

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"After witnessing better than expected GDP data for the third quarter, domestically, the focus of the markets in immediate near term will be on passage of budget in parliament session, GST council meeting and implementation of e-way bill as well as advance tax collection figures by mid-March", said Teena Virmani, vice-president at Kotak Securities.

Gitanjali Gems hit its lower circuit after falling almost 5 per cent to Rs 21.35. The main reason for the fall was that the Central Bank in its policy review did not reduce its rate.

Other banking stocks too ended in the red.

United States stocks ended lower as Wall Street digested data that were seen as underlining the economy's robust health.

Major Sensex gainers on Tuesday were: Bharti Airtel, up 2.07 per cent at Rs 431.05; Dr Reddy's Labs, up 1.82 per cent at Rs 2,234.15; NTPC, up 1.53 per cent at Rs 165.50; Hero MotoCorp, up 1.34 per cent at Rs 3,587.95; and Reliance Industries, up 1.21 per cent at Rs 949.95.

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