Nifty Dips Into The Red; May Head for 6th Day Of Losses

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The Nifty which opened higher by almost 80 points, shed all of its gains and dropped by one point. If the negative cues remain, the Nifty would see sixth straight day of declines, losing almost 1,000 points from its peak levels.

Nifty Dips Into The Red; May Head for 6th Day Of Losses
Reports that the NDA ally, Telugu Desam Party (TDP) was pulling out of the government, left investors worried.

The Nifty was last trading at 10,154 points a drop of 1 point, while the Sensex was trading with gains of 24 points, Among the major gainers were IT and auto stocks.

PSU banking stocks, most of which hit 52-week lows on Wednesday continued to extend losses. Among these included names like Punjab National Bank, Bank of Baroda and Canara Bank.

Shares in Idea Cellular and Bharti Airtel were trading higher as stocks got relief from the  deferred payment of spectrum from the government. ICICI Bank shares were trading higher after the bank clarified that it has no exposure Nirav Modi Group Of Companies.

Global cues were strong after easing worries over US trade tariffs. Most of Asia was trading higher led by strong gains in the Japanese Nikkei. European markets too had closed strong on Wednesday. 

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