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    Market closes in red after a range-bound session

    Market closes in red after a range-bound session

    Market closes in red after a range-bound session
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    By Sudarshan Kumar   IST (Updated)

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    Indian market had a steady day of trade with the key indices seeing a range-bound move. The Nifty closed with a fall of 18 points at 10,799.85 after trading above 10,800 for better part of the day. The 30-stock index, the Sensex edged 74 points lower to 35,548, dragged by ICICI Bank, Tata Motors and Bajaj Auto.

    Indian market had a steady day of trade with the key indices seeing a range-bound move.
    The Nifty closed with a fall of 18 points at 10,799.85 after trading above 10,800 for better part of the day.
    Gains were led by the ICICI Bank and oil marketing companies, while Kotak Mahindra Bank, Infosys and HDFC Bank dragged.
    The 30-stock index, the Sensex edged 74 points lower to 35,548, dragged by ICICI Bank, Tata Motors and Bajaj Auto.
    Earlier in the day, the Sensex hit the intra-day high of 35,722.
    In the broader markets, the Nifty Bank closed near flat-line at 26,409, while the Midcap Index fell 66 points to 18,747.
    Only four of 12 the Nifty banking stocks closed in the green, with the ICICI Bank keeping losses in check for the Index.
    In the small caps, DCM Shriram was active with the company announcing buyback for up to Rs 250 crore at the maximum price of Rs 450 per share.
    SpiceJet too gained 2.4% with Ajay Singh-led company announcing 14 new flights with covering many tier-II cities with direct flights.
    Shankar Sharma of First Global is very optimistic on small caps. He said, “Macros remain a problem for India on widening current account and fiscal deficit, but small caps are not co-related to it.”
    And, he doesn’t expect blow-out performance from large caps this year.
    In the Futures market, major traction was seen in Nifty 10,700 Put and 10,900 Calls.
    Both the options added 3 lakh and 5 lakh shares each in the open interest.
    The Nifty June Futures closed with a discount of 11 points against a discount of 3 points on Friday.
    On the global front, most Asian markets closed lower as investors digested the escalation in trade tensions between the US and China.
    Japan's Nikkei 225 declined 0.7% to close at 22,680.
    Shippers led losses, with the Topix sea transport subindex sliding 3.9%.
    Steelmakers dropped 1.7% and oil stocks tumbled 3.7%, amid an extended drop in oil prices.
    South Korean markets recorded steeper losses, with the benchmark Kospi ending the session down 1.1% at 2,376 and the secondary Kosdaq sank 3%.
    Technology names declined, with heavyweight Samsung Electronics sliding 2.2% and SK Hynix tumbling 3.4%, but automakers notched gains. Hyundai Motor advanced 0.7%.
    Down Under, the S&P/ASX 200 bucked the trend, with the index closing up 0.2% at 6,104. Declines in the materials and energy sub-indexes were offset by gains in the financials.
    Other markets in the region also came under pressure, with Singapore's Straits Times Index losing 0.9%.
    China, Hong Kong, Taiwan and Indonesia were closed on Monday for holidays.
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