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Sensex and Nifty snap four-day gaining streak as banks drag

Sensex and Nifty snap four-day gaining streak as banks drag
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By Sudarshan Kumar  Aug 24, 2018 4:20:52 PM IST (Published)

The Indian market made a recovery in the last hour of trade, but failed to turn positive, ended the 4-day gaining streak. The Nifty edged 26 points lower to 11,557, dragged by Infosys and private banks like ICICI Bank, HDFC Bank and IndusInd Bank.

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The other benchmark Index, Sensex saw a fall of 85 points to end the session below 38,300. But for the week, both benchmark indices, closed with a gain of 0.8 percent each. From broader markets, the Nifty Midcap Index shut the session with 57 points fall at 19,542 and Nifty Bank closing 193 points in the red at 27,835. Amongst 12 Nifty Bank stocks, 4 closed in the green and 8 in the red.
Reliance continued the move higher for the fifth day, with the stock posting a gain of over 6 percent for the week to hit a record high. TCS also traded at a record high with the IT major approaching Rs 8 lakh crore in the market cap.
The biggest underperformers this week were Infosys, ICICI Bank, ITC and Hero MotoCorp while L&T, ONGC, Reliance and Wipro were outperformers.
Amongst sectoral indices, Nifty Bank and Nifty PSU Bank fell the most this week whereas Nifty Energy and Nifty Pharma were major contributors to Market hitting record high with a gain of 4 percent each.
In the futures, Nifty most Nifty call options saw their premium falling, with Nifty 11,600, 11,650 and 11,550 Call options saw premium falling by 28-47 percent. Nifty 11,450 Put option added a little more than sixty thousand shares in the open interest with premium slipping 10 percent. Nifty August Futures closed with a premium of 16 points against a premium of 13 points on Thursday.
Asia markets mixed in closing on Friday as investors reacted to an escalating trade war between the US and China, a shakeup in leadership in Australia and inflation data from Japan. Australia's ASX 200 gave up gains of more than 0.3 percent in late-afternoon trade to close near flat at 6,247. That followed news that country's treasurer, Scott Morrison, will become the new prime minister after incumbent Malcolm Turnbull was ousted. Morrison won a three-way battle for the Liberal Party leadership, beating former Home Affairs Minister Peter Dutton and Foreign Minister Julie Bishop.
Greater China markets were mixed. Hang Seng Index slipped 0.4 percent, while Shanghai Composite retraced morning losses to finish up 0.25 at 2,729. In Japan, Nikkei 225 gained 191 points to 22,602 and the Topix index rose 11 to 1,709.
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