Closing Bell: Sensex sheds 300 points, Nifty gives up 10,700; IT, metals & pharma crack

It’s a negative end for the market on Tuesday, failing to cash in on the positive start it had at the start of this week. The Nifty has ended below 10,700, with immense selling seen among all sectors.

Selling was visible the most among sectors such as IT, metals and pharmaceuticals. Meanwhile, financials, automobiles and consumption also saw weak trades.

In the broader markets, the Nifty Midcap index ended the day over a percent lower.

At the close of market hours, the Sensex shut down 300.37 points or 0.84% at 35474.51, while the Nifty ended lower by 107.20 points or 1.00% at 10656.20. The market breadth was negative as 857 shares advanced, against a decline of 1,706 shares, while 150 shares were unchanged.

Adani Ports, IndusInd Bank, and GAIL were the top gainers, while Yes Bank, Tata Steel and Hindalco lost the most.

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Yes Bank has issued a revised press release with respect to the resignation of R Chandrashekhar. The release now states just the resignation and does not specify any reason behind the move. The bank, on Monday, had cited 'personal health' as one of the reasons behind this move.

European stocks opened lower as investors continued to monitor developments on Brexit. Stoxx 600 is down 0.4 percent. Markets in Europe were expected to follow Asia's weak session after Nissan's Chairman Carlos Ghosn was arrested over allegations of financial misconduct.

Som Distilleries has informed exchanges that ICRA has assigned a fresh credit rating of BBB+ to the lines of credit of the company with a stable outlook.

According to a report by CNBC-TV18, quoting sources, UltraTech Cement has repaid lenders of Binani Cement.

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Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Azelaic Acid Gel, 15%, a generic version of Finacea Gel, 15%, of Leo Pharma A/S.

Benchmark indices are under pressure in the afternoon trade as Nifty slipped below 10,700 level and Sensexshed more than 200 points.

The Sensex is down 232.98 points at 35541.90, while Nifty is down 81.40 points at 10,682. About 826 shares have advanced, 1505 shares declined, and 129 shares are unchanged.

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