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Market closes in the red; Nifty cuts losses, Sensex ends above 38,000

Market closes in the red; Nifty cuts losses, Sensex ends above 38,000

Market closes in the red; Nifty cuts losses, Sensex ends above 38,000
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By Sudarshan Kumar  Sept 5, 2018 4:08:13 PM IST (Published)

Indian market continued the downmove trend but closed sharply off lows post a recovery seen in the last hour.

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The Sensex recovered 244 points from lows to close 140 points in the red at 38,018 and the 50-stock Index Nifty saw a recovery of 83 points from day’s low to see a close 43 points lower at 11,477.
The fall in Nifty was largely contributed by energy, financials and IT stocks. Nifty Bank recovers 240 points from lows to close 55 points lower at 27,376 (above 50-day moving average of 27,355.50).
Nifty PSU bank too saw a recovery of more than 2 percent from lows to close flat. The Midcap Index that was underperforming for the better part of the session, saw a smart recovery to close with a fall of 55 points at 19,246.
Amongst Index stocks, Tata Motors saw a recovery of more than 4 percent from lows after JLR UK saw August sales coming in 66 percent higher Y-o-Y. And, the similar recovery was witnessed in other auto names such as Maruti, Eicher and Ashok Leyland. PSU banks also recovered after rupee recouped some of its losses from the record low of 61.97.
In the futures market, Nifty 11,500 and 11,600 Call options saw an addition of 10-11 lakh shares in the open interest with premium slipping 24-29 percent. Nifty 11,400 Put option added 4.7 lakh shares in the open interest with the premium moving 13 percent higher. Nifty September Futures closed with a premium of 35 points against a premium of 53 points on Tuesday.
Asia markets were largely negative on Wednesday after Wall Street posted losses on its first trading day of the month, and as emerging markets sold off overnight.
Japan's Nikkei 225 was down by 0.51 percent to close at 22,581, with its automakers in focus from concerns over the impact of a typhoon on their operations. Toyota ended the trading day lower by 0.77 percent, while Nissan was down by 1 percent.
South Korea's Kospi also closed lower by 1 percent at 2,292, with industry heavyweight Samsung Electronics shedding 2.2 percent. In Australia, the ASX 200 continued the downward trend of the day by sliding 1 percent lower to close at 6,230.
Over in the greater China region, Hong Kong's Hang Seng index fell 2.6 percent. The Shanghai composite closed lower around 2,704 after falling by 1.7 percent, while the Shenzhen composite also saw a similar loss of 1.6 percent to end the trading day at about 1,442.
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