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Sensex Ends Lower On Profit-Booking, Broader Markets Outperform

21-Jun-2016 / 3:21 pm
Kerala Updates: Indian shares edged down on Tuesday as investors booked profit after a rally in the previous session, even as sentiment was supported by growing expectations that Britons will vote to remain in the European Union in this week's referendum. Indian shares have surged 17.9 per cent since hitting a near two-year low on Feb. 29 on the back of rising optimism about earnings and the domestic economy. Government announced on Monday sweeping reforms to rules on foreign direct investment, clearing the way for Apple to open stores in the country and announcing easier terms for investors in sectors ranging from civil aviation to pharmaceuticals. That broader optimism helped shares overcome disappointment after Reserve Bank of India Governor Raghuram Rajan on Saturday unexpectedly said he would step down after his tenure ends in September. But for now, analysts said, investors would be choosy, picking specific sectors such as mid-caps. "It is a market where people are more comfortable buying into a bottom-up approach, buying into the mid-cap counter," said Deven Choksey, managing director at KR Choksey Securities. The BSE Sensex closed 54.14 points or 0.20 per cent lower at 26,812.78 and broader Nifty declined 18.60 points or 0.23 per cent to settle at 8,219.90. Aurobindo Pharma was the top Nifty loser, the stock closed 2.4 per cent lower at Rs 720.70.Tata Steel, State Bank of India, Axis Bank, Bank of Baroda, Larsen & Toubro,Reliance Industries, HDFC Bank, Infosys and TCS were also among the prominent laggards. Automobile companies Bajaj Auto Ltd, Hero MotoCorp Ltd, TVS Motor Co Ltd and Mahindra & Mahindra Ltd closed higher after the weather office said on Monday monsoon rains had covered nearly half of the country. The broader markets outperformed the benchmark indices. The BSE mid-cap and small-cap indices closed higher in an otherwise subdued market.
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