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Markets fall for 3rd day, Sensex tanks 220 pts

Mumbai: Extending the falling streak to the third day in a row, benchmark BSE Sensex declined by 220 points in volatile trade on Tuesday due to profit-taking in power, oil and capital goods shares ahead of results of Lok Sabha polls.

After gyrating between gains and losses during the day, the 30-share BSE Sensex ended 220.05 points or 0.29 per cent lower at 75,170.45. During the day, it hit a high of 75,585.40 and a low of 75,083.22.

The NSE Nifty dropped 44.30 points or 0.19 per cent to settle at 22,888.15 despite beginning the day on a positive note.

Analysts said that stock markets are witnessing ‘buying on dips and sell on rallies’ amid uncertainty ahead of the general poll results.

From the Sensex pack, Power Grid, NTPC, Tech Mahindra, Bharti Airtel, Tata Motors, IndusInd Bank, Reliance Industries, Kotak Mahindra Bank and Maruti were among the laggards.

Asian Paints, Wipro, JSW Steel, Hindustan Unilever, Bajaj Finserv and Mahindra & Mahindra were among the biggest gainers.

Analysts said mid- and small-caps underperformed, while defensive sectors like pharma and FMCG were optimistic.

In the broader market, the BSE smallcap gauge declined 1.09 per cent and midcap index declined 0.63 per cent.

Among the indices, realty dropped 2.22 per cent. Power (1.86 per cent), utilities (1.55 per cent), services (1.37 per cent), telecommunication (1.26 per cent), industrials (1.08 per cent) and capital goods (0.95 per cent) were among the laggards. Healthcare index emerged as the only gainer.

As many as 2,510 stocks declined while 1,321 advanced and 102 remained unchanged on the BSE. A total of 1,795 stocks declined and 809 advanced on the NSE.

Global oil benchmark Brent crude climbed 0.13 per cent to $83.21 a barrel.

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