Sensex turns red, banking stocks fall out of favor

Mumbai: Reversing early gains, major indices traded lower during Thursday afternoon’s trade session. The benchmark Sensex declined over 60 points while the Nifty slipped below the 10,900-mark.

According to market participants, investors were cautious ahead of the third quarter results by Reliance Industries and Hindustan Unilever, to be announced later in the day.

Banking stocks declined close to 0.5 percent after the key sector’s index gained the most on Wednesday.

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At 1.19 p.m., the S&P BSE Sensex traded 65.69 points, or 0.18 percent lower, after touching an intra-day high of 36,468.42 and a low of 36,253.31.

The benchmark index opened over 100 points higher at 36,413.60, from its previous close of 36,321.29 on Wednesday.

The broader Nifty also dropped by 12.65 points or 0.12 percent at 10,877.65.

Globally, markets traded on a mixed note amid political uncertainty in the UK over Brexit and the longest-ever partial shutdown of the US government.

However, British Prime Minister Theresa May won a confidence vote in the House of Commons on Wednesday, averting any immediate risk of an early general election.


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