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The gaining spree of Indian benchmark indices halts on Tuesday

| | Jul 06, 2016, at 04:49 am
Mumbai, Jul 5 (IBNS): Indian benchmark indices declined on Tuesday, snapping its six consecutive days of gain, on the back of profit booking, especially in auto stocks, and weak global cues, with Sensex down 111.89 points to 27166.87 and Nifty down 34.75 points to 8335.95.
Prime Minister Narendra Modi expanded his council of ministers on Tuesday by inducting 19 new ministers. He also reshuffled  some of the ministerial portfolios. But the reshuffle failed to have much of an effect on the market.
 
A private PMI survey showed that the service sector activity, fell to 50.3 in June, from 51 in May, the lowest for the index in seven months and the second-lowest in a year, reported Hindustan Times.
 
Some of the top gainers on Tuesday were Reliance Industries, HDFC, Adani Ports, Sun Pharma, Tata Steel, Wipro, Coal India, L&T and BHEL while losing stocks included Tata Motors, PowerGrid, Asian Paints, ICICI Bank, Bharti Airtel, Hero MotoCorp, NTPC, ONGC, GAIL and Bajaj Auto
 
The stock market will remain closed on Wednesday owing to religious holidays.
 
#Sensex down #Nifty down #Narendra Modi #Cabinet expansion

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