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Sensex ends 188 points down on weak global cues

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The Indian stock market ended notably lower on Monday, with investors pressing sales at several counters in metal, oil, automobile and FMCG sectors. Asian and European markets traded weak, amid uncertainty about U.S. President Donald Trump’s economic agenda following his failure to get the healthcare legislation passed.A report from Skymet Weather that said monsoon 2017 is likely to remain below normal at 95% (with an error margin of +/-5%) of the long period average (LPA) of 887 mm for the four-month period from June to September, weighed as well. Although the rupee’s rise to a fresh 17-month high against the U.S. dollar and expectations of GST roll out from July 2017 aided sentiment a bit, the market was down in negative territory right through the session.The BSE benchmark Sensex  ended down 187.96 points or 0.64% at 29,233.44, after declining to a low of 29,163.54 intraday. The Nifty50 of the National Stock Exchange, which declined to 9024.65, ended at 9045.20, recording a loss of 62.80 points or 0.69%.In the forex market, the rupee was trading at 65.08 against the U.S. dollar around late afternoon, after climbing to a fresh 17-month high at 65.04 a dollar. The rupee had ended at 65.42 a dollar on Friday.Reliance Industries ended 3% down following the market regulator SEBI barring the company and twelve other entities from dealing in equity and derivatives market for one year on alleged fraudulent trades in Reliance Petroleum Limited shares during the year 2007. The regulator also directed RIL to pay a fine of Rs 447.27 crore along with 12% interest from November 29, 2007 onwards till the date of payment, within 45 days from the date of order. Reliance Industries, in a filing to the stock exchanges, has stated that the trades in RPL shares which were examined by Sebi were genuine and bona fide transactions. It added that these were carried out keeping the best interest of the company and its shareholders, in view. Reliance Industries said that Sebi appears to have misconstrued the true nature of the transactions and imposed unjustifiable sanctions.Tata Steel ended 3.3% down. Asian Paints, Coal India, Sun Pharmaceutical Industries, Wipro, GAIL India, ONGC, Adani Ports, HDFC Bank, Tata Motors and Lupin declined by 1% – 2.3%.Idea Cellular ended 3.6% down. Hindalco declined 3.4%. HCL Technologies (down 2.4%), Aurobindo Pharma (down 2.2%), Kotak Bank (down 1.6%), Tech Mahindra (down 1.1%) and BPCL (down 1.1%) also ended weak.State Bank of India ended 1.2% up. Power Grid Corporation also gained more than 1%. HDFC, Dr Reddy’s Laboratories and ITC posted modest gains.Nifty stocks Bank of Baroda, IndusInd Bank and Bharti Infratel gained 1% – 1.7%. Tata Power, BHEL and Grasim Industries edged up marginally.The market breadth was negative. Out of 3019 stocks traded on BSE, 1630 stocks declined. 1158 stocks advanced and 231 stocks ended flat.

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