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Business News/ Market / Stock-market-news/  Sensex ends 137 points lower, Nifty below 7600 ahead of budget
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Sensex ends 137 points lower, Nifty below 7600 ahead of budget

Investors pare positions in bluechips such as Tata Motors, L&T, Coal India and HDFC ahead of the budget

Among losers, Bajaj Auto fell 3.25% to `2,166, Tata Motors retreated 2.75% to `455.50, while Coal India shed 2.72% to `366.60. Photo: HTPremium
Among losers, Bajaj Auto fell 3.25% to `2,166, Tata Motors retreated 2.75% to `455.50, while Coal India shed 2.72% to `366.60. Photo: HT

Mumbai: The Nifty closed at its lowest level in nearly two weeks on Wednesday, continuing to retreat from the record high hit in the previous session, as investors pared positions in bluechips such as Tata Motors Ltd. ahead of the budget.

Risk aversion was also seen ahead of Infosys Ltd. kicking off the April-June earnings season on Friday, while weak global stocks on the back of data showing cooling Chinese inflation also dented sentiment.

The Economic Survey, unveiled on Wednesday, called for tough measures to shore up public finances and reduce inflation, reinforcing hopes that Prime Minister Narendra Modi and finance minister Arun Jaitley will deliver a non-populist, prudent budget on Thursday.

But some analysts also warn that investors may be expecting too much out of the budget and worry markets could be hit at any hint of disappointment.

“Markets may remain range-bound for the near term as valuations are looking expensive for the short term. Budget will be positive but would be more of a roadmap for the next few years," said Aneesh Srivastava, chief investment officer at IDBI Federal Life Insurance.

The broader Nifty notched up a second consecutive session of losses, ending down 0.5%, or 38.20 points, at 7,585.

That marked its lowest close since 27 June, pushing it to below its 20-day moving average.

The Sensex fell 0.54%, or 137.30 points, to end at 25,444.81, its lowest close since 30 June.

Tata Motors fell 2.7%, while Larsen & Toubro Ltd. (L&T) lost 1.3%.

Among other blue-chips, Coal India Ltd. fell 3.1% while Housing Development Finance Corp. Ltd. (HDFC) ended down 0.7%.

Auto stocks also fell after an industry body official said the delayed monsoon was worrisome and that car and utility vehicle sales were expected to grow moderately in FY15.

Mahindra and Mahindra Ltd. (M&M) fell 3% while Maruti Suzuki India Ltd. lost 2.8%.

Software stocks also fell on caution ahead of Infosys’ quarterly results on Friday. Infosys fell 1% while Tata Consultancy Services Ltd. (TCS) ended down 2.1%.

Cairn India Ltd. shares fell 1.1% after going ex-dividend on Wednesday, exchange data showed.

IndusInd Bank Ltd. fell 1.3% after the lender said its June-quarter net profit rose by 26% to Rs421 crore, in line with some analysts estimates.

However, among gainers, Multi Commodity Exchange of India Ltd. rose 1.3% after billionaire investor Rakesh Jhunjhunwala bought a 2% stake in the company via a bulk deal on Tuesday, according to exchange data.

State-run oil refiners rose on hopes of lower subsidy burden as crude oil prices hit a one-month low in the international markets, traders said.

Hindustan Petroleum Corp. Ltd. (HPCL) rose 3.1%, Indian Oil Corp. Ltd. (IOC) rose 2.9%, while Bharat Petroleum Corp. Ltd. (BPCL) gained 2%. Reuters

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Published: 09 Jul 2014, 10:08 AM IST
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