Sensex closes lower on weak global cues

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Sensex closes lower on weak global cues
Markets ended the day lower with the Sensex and the Nifty dropping on weak cues from Europe. The Sensex ended the day lower led by losses in heavyweight Reliance Industries which had rallied almost 9 per cent in the last few trading sessions. The Nifty closed lower by 41 points.

Other heavyweights that dropped in trade were Infosys, ONGC and HDFC. Private sector banking stocks lost ground on fears of emergence of fresh competition from new banks that are set to be given a banking license.

Ashok Leyland ended the day weak, after the company reported a drop in its volumes for June. Elder Pharma jumped after reports that its UK subsidiary acquired Max Healthcare, which will allow company to re-enter the OTC pharma category.

PSU Banking shares which were in the limelight on short covering in the last few days lost momentum. PSU banking shares that lost ground in trade were Indian Overseas Bank, Canara Bank and Union Bank of India.

Stocks that gained in trade from the Nifty were IDFC, which rallied on hopes of a banking license, while other gainers included Lupin, Bhel and Sesa Goa.

Tata Motors ended the day weak in trade after its domestic numbers disappointed the street.

Meanwhile, markets in Asia ended the day mixed with the Shanghai Composite and the Japanese's Nikkei gaining while the Hang Sang lost ground.

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