Sensex sheds 187 points to snap winning streak, telecom stocks fall

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Sensex sheds 187 points to snap winning streak, telecom stocks fall

The NSE Nifty too turned choppy and was trading 1.75 points, or 0.02 per cent, lower at 10,737. The broader NSE Nifty ended 61 points or 0.57 per cent lower to close at 10,618.

Forex dealers said besides selling of the American currency by exporters and banks, weakness in the dollar against other currencies as senior Chinese and U.S. officials met in Beijing today for a second day of trade talks, supported the domestic unit. Britain's FTSE and Germany's DAX were up half a percent at the time of writing this article.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE closed in the red.

Among sectoral indices, the Nifty Metal index was trading almost 1% lower led by a fall in shares of Hindustan Zinc and Hindalco.

HDFC Bank with a gain of 1 percent and ICICI Bank with 0.3 percent helped the Nifty Bank close in the green. The Bankex was down 0.13 per cent but the Finance Index was up 0.01 per cent.

The market breadth was in favour of declines with about three shares falling for every two that rose on the BSE.

Other laggards were Bajaj Auto, down 2.42 per cent, ITC 2.37 per cent, Axis Bank 2.27 per cent, Coal India 2.05 per cent, Bharti Airtel 1.93 per cent, NTPC 1.86 per cent, M&M 1.03 per cent, Asian Paints 1.02 per cent, HDFC 0.93 per cent, RIL 0.90 per cent, Maruti Suzuki 0.88 per cent, Infosys 0.76 per cent, Dr Reddys 0.74 per cent, Tata Steel 0.74 per cent, L&T 0.72 per cent, ONGC 0.22 per cent and Kotak Mahindra Bank 0.15 per cent. The exchanges can shift to the new schedule from October 1.

On the currency front, the Indian rupee weakened by 22 paise to 66.87 against the United States dollar from its previous close at 66.65 per greenback.

Shares of HCL Technologies today slumped as much as 5 per cent in morning trade on the bourses after the IT firm posted 9.8 per cent decline in consolidated net profit for the quarter ended March 2018.

Investors were cautious after a largely weak performance on Wall Street overnight as some disappointing earnings reports offset strong economic data, while bond yields slid after a surprising slowdown in euro zone inflation. The company also raised Rs 1,000 crore through private placement.

PC Jeweller extended rally, rising 44 percent on top of 10 percent upside in previous session after the managing director, Balram Garg yesterday denied investigation by SEBI and CBI.

Shares of Godrej Properties zoomed 3% after the company reported its net profit stood at Rs141.5cr, increased by 126% on yoy basis.

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