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Nifty Falls For Fourth Day; Midcap, Smallcap Stocks Tank


Mumbai: Indian shares fell for a fourth straight session on Thursday, with benchmark indices Sensex and Nifty declining over 0.80 per cent. The Sensex ended 266 points lower at 31,531 while Nifty settled at 9,820, down 87 points. The selling pressure was more severe in midcap and smallcap stocks. The BSE midcap and smallcap indices fell over 2.5 per cent. Barring IT, all the sectors came under intense selling pressure. Pharma, oil & gas, realty and power stocks led the fall. Banking and auto stocks also took a sharp beating.

Global sentiment was largely weak with Asian stocks falling as investors fretted about the simmering tensions between the United States and North Korea. "There are some stocks from which investors are shuffling their portfolio out, like pharma ... An element of profit-booking is also coming in which is causing nervousness," said Deven Choksey, promoter, KR Choksey.

Tata Motors shares fell over 8 per cent after the company's 42 percent rise in June-quarter profit, helped by a one-off gain related to changes to Jaguar Land Rover's pension plans, failed to please investors.

 Bank of India, GAIL India, and Dr Reddy's Lab also fell sharply, down 4-5 per cent. In the basket of 51 stocks in Nifty index, just 11 stocks managed to end in the green.  IT stocks Tech Mahindra rose 2 per cent while Infosys gained 1 per cent. The slide in the value of the rupee, which weakened beyond 64/dollar today, boosted the sentiment in IT stocks, traders said.

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