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Sensex, Nifty close down ahead of budget; IT stocks tumble

Ahead of Union Budget 2017, domestic equity markets extended Monday’s gains and closed Tuesday’s trading session on a lower note…

Sensex, Nifty close down ahead of budget; IT stocks tumble

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Ahead of Union Budget 2017, domestic equity markets extended Monday’s gains and closed Tuesday’s trading session on a lower note with IT stocks declining the most. The Sensex at the Bombay Stock Exchange (BSE) ended 194 points down at 27,656 and the Nifty at the National Stock Exchange (NSE) closed 71 points lower at 8,561.

In the broader markets, BSE Midcap index slumped 1.1% while Smallcap index lost 1 per cent.

All the BSE sectoral indices closed in the negative zone with IT index leading the declines,down 3 per cent. IT stocks suffered losses after US Presdient Donald Trump doubled the salary requirement for H1-B visas.

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On Monday, the Sensex had closed 33 points down at 27,850 and the Nifty had closed nine points lower at 8,633.

Top gainers in the Sensex-30 pack: ITC (up 0.8 per cent), Power Grid (up 0.8 per cent), Bajaj Auto (up 0.4 per cent), ONGC (up 0.3 per cent) and HDFC Bank (up 0.2 per cent).

Top losers in the Sensex-30 pack: TCS (down 4.5 per cent), Gail (down 3.4 per cent), Adani Ports (down 3.2 per cent), Sun Pharma (down 2.1 per cent), and Infosys (down 2 per cent).

However, the Rupee was trading 10 paise higher at 67.84 against the US Dollar.

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