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Sensex, Nifty Close Lower Dragged By Metal, Auto, Banking Stocks

Catch all live updates on share prices, index moves, corporate announcements and more from the Sensex and Nifty, today.

<div class="paragraphs"><p>A trader works in the Cboe Volatility Index (VIX) pit on the floor of the Cboe Global Markets Inc. building in Chicago, Illinois, U.S. ( Photographer: Daniel Acker/Bloomberg)</p></div>
A trader works in the Cboe Volatility Index (VIX) pit on the floor of the Cboe Global Markets Inc. building in Chicago, Illinois, U.S. ( Photographer: Daniel Acker/Bloomberg)
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India's stock benchmarks erased early gains and closed near day's low, dragged by losses in metal, banking, auto and energy stocks. Concerns over omicron variant of covid-19 virus offset the positive sentiment arising out of PMI data from China.

The S&P BSE Sensex fell 0.34% to 57,064.87. The 30-stock gauge rose 1.61% in intraday trade to reclaim 58,000 levels after two sessions. The NSE Nifty 50 index also declined by similar magnitude to 16,983.20. This is the first time the 50-stock index closed below 17,000 for the first time in three months.

Sensex, Nifty Close Lower Dragged By Metal, Auto, Banking Stocks

Reliance Industries Ltd. contributed the most to the index decline, decreasing 1.5%. Tata Steel Ltd. had the largest drop, falling 3.9%. Today, 29 of 50 shares fell, while 21 rose.

Sensex, Nifty Close Lower Dragged By Metal, Auto, Banking Stocks

The broader indices outperformed their larger peers with S&P BSE MidCap gaining 0.3% and S&P BSE SmallCap adding nearly 1.5%. Ten of the 19 sectoral indices compiled by BSE advanced with S&P Consumer Durables index adding over 2%.

The market breadth was skewed in the favour of bulls. About 1,779 stocks advanced, 1,472 declined and 151 remained unchanged.

"Markets traded volatile and lost nearly half a percent citing mixed global cues. The prevailing uncertainty around the new COVID variant trimmed all the gains and pushed the index lower as the day progressed", Ajit Mishra, VP-Research, Religare Broking Ltd. wrote in a note and added "markets will first react to the GDP numbers in early trades on Wednesday and the auto sales will also start pouring in from December 1. Needless to say, the excessive news flow around the new COVID variant would keep the volatility high. Keeping in mind the scenario, it’s prudent to continue with hedged positions until the markets stabilise."

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