Sensex flat with negative bias; Nifty trades at 10302

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The broader 50-issue NSE Nifty dropped 38.35 points, or 0.38 %, to close at 10,186.60 after shuttling between 10,248 and 10,175.55.

Retail inflation has hit seven months high.

Benchmark indexes Sensex and the Nifty fell around 1 percent on Monday, with mixed global cues, sluggish industrial output data and weak earnings updates from several companies weighing on markets.

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Market breadth was negative with 844 advances against 946 declines.

Equity markets on Tuesday spiralled down further as Sensex lost nearly a 100 points to close below the 33,000-mark.

Major losers in the 30-share index were Tata Motors (3.68%), Coal India (2.70%), Housing Development Finance Corporation (2.53%), Adani Ports and Special Economic Zone (2.33%), Sun Pharmaceutical Industries (2.09%), and Oil & Natural Gas Corporation (2.08%).

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A weakening rupee, which depreciated by 35 paise to 65.51 against the dollar during the day on fears that the tax rate decision of the GST Council will have a revenue implication of ₹20,000 crore annually, too dampened investor sentiment.

Uncertainty over U.S. tax reform, slowdown in Chinese factory output and growing political issues in the United Kingdom weaned investors away from placing more bets.

The loss in BSE capital goods was maximum at 1.41 per cent, followed by telecom, infrastructure and PSU.

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Provisional data with the exchanges showed that foreign institutional investors purchased stocks worth Rs 2,576.98 crore, while domestic institutional investors divested scrips worth Rs 1.30 crore.

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