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Closing Bell: Sensex sheds 560 points, Nifty below 11,450; financial, auto stocks drag

Closing Bell: Sensex sheds 560 points, Nifty below 11,450; financial, auto stocks drag

Closing Bell: Sensex sheds 560 points, Nifty below 11,450; financial, auto stocks drag
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By CNBC-TV18 Jul 19, 2019 3:49:28 PM IST (Published)

The Sensex ended 560 points lower at 38,337, while the broader Nifty50 index lost 178 points to end at 11,419.

Indian benchmark indices gave up early gains to end lower on Friday, dragged by auto and financial stocks as the first set of corporate results failed to impress investors.

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Meanwhile, global stocks rose as investors firmed up bets on a US interest rate cut at the end of July after a speech by a top US Federal Reserve official further cemented expectations for one, fuelling appetite for risky assets and capping the dollar.
The Sensex ended 560 points lower at 38,337, while the broader Nifty50 index lost 177 points to end at 11,419. In broader markets, the Nifty Midcap and the Nifty Smallcap index fell 2.1 percent and 1.8 percent, respectively.
NTPC, Titan, Coal India, TCS and PowerGrid were top gainers on the Nifty50, while M&M, Bajaj Finance, Bajaj Finserv, Eicher Motors and IndusInd led the losses.
All sectoral indices ended lower for the day. The Nifty Auto index lost 3.3 percent followed by the Nifty Private Bank which was down 2.4 percent. Meanwhile, the Nifty Media declined 2.5 percent, the Nifty Bank and the Nifty Pharma indices fell 2.2 percent each. The Nifty PSU Bank and the Nifty Fin Services also slipped 1.9 percent each. The Nifty Realty, the Nifty Metal and the Nifty FMCG also lost over 1 percent each.
Auto stocks were under pressure dragged by Exide Indutries, Amara Raja Batteries, Motherson Sumi, M&M, Eicher Motors and TVS Motor Company down in the range of 3.7-6.2 percent.
Private-sector lender Yes Bank, extended yesterday's losses, falling 3.5 percent after the bank reported a bigger-than-expected 91 percent drop in Q1.
Globally, MSCI’s broadest index of Asia-Pacific shares outside Japan was up 1 percent, bouncing back from the previous day’s losses, while Japan’s Nikkei advanced 2 percent. Elsewhere in Asia, the Shanghai Composite Index rose 0.8 percent, Australian stocks added 0.75 percent and South Korea’s KOSPI gained 1.4 percent.
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