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Markets resume downward spiral as bulls lose nerve; Nifty cracks below 11,200

Thursday, May 16, 2019

Benchmark indices resumed their downward trend yesterday as investors took money off the table amid global trade jitters and election-related uncertainty.

After gyrating over 500 points intra-day, the BSE Sensex closed 203.65 points, or 0.55%, lower at 37,114.88.

Similarly, the broader NSE Nifty shed 65.05 points, or 0.58%, to settle at 11,157.

Markets had snapped their nine-session losing streak Tuesday. However, investors are still skittish about expanding their portfolio and every upmove is being used as an opportunity to book profits, experts said.

Yes Bank and Tata Motors were the biggest losers in the Sensex pack, slumping 8%.

IndusInd Bank, Coal India, Sun Pharma, PowerGrid, Bharti Airtel, Axis Bank, Tata Steel, HUL, Maruti, L&T, M&M, ICICI Bank, HDFC and RIL too ended in the red, shedding up to 3.66%.

On the other hand, Bajaj Finance was the top gainer, spurting 4.11%, followed by ITC, Kotak Bank, Infosys and TCS, ending up to 1.05% higher.

"Investors continue to be plagued by doubts surrounding global growth and US-China trade relations. Global market sentiments too remained subdued with European stocks edging lower amid US-China trade escalations.

"Brent crude continues to trade above the USD 70 mark. Higher oil prices could impact fiscal deficit and may force the new government to cut back infra spending," said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas.

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