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Sensex slumps 127 points to close at 40,675, Nifty ends below 12,000

The top gainer was Bajaj Auto, raising its share price by 3.30% followed by TCS, Kotak Bank and Infosys.

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Amid volatile trading, Sensex on Tuesday dipped 127 points to close at 40,675.45 while Nifty failed to hold the 12,000-mark and settled at 11,994.20, down 0.45%. Major stocks that led the decline today are banking, metal, auto, and pharma.

The top gainer was Bajaj Auto, raising its share price by 3.30% followed by TCS, Kotak Bank and Infosys. Yes Bank, on the other hand, registered a dip of over 7%. Other losers were Tata Steel, Vedanta Limited, and Mahindra & Mahindra.

Speaking on the current stock market outlook, Prakash Pandey, MD & CEO at Plutus Advisors, told Zee Business, "The 50-stock index Nifty is clearly lacking momentum at the highest levels. It's expected to remain in 11,860 to 12,150 range throughout the week. Some correction from current levels is expected and I would advise share market investors to adopt buy on dips strategy throughout the week."

The BSE Power index went down 1.33% as power shares saw heavy beating throughout the day. Adani Transmission share price dipped 5.77%, Reliance Infrastructure went down 4.93%, Adani Power shares slumped 4.33%, Bharat Heavy Electricals Ltd or BHEL shares fell 2.44%, and Tata Power Company stocks declined 1.51%.

Nagaraj Shetti, Technical Research Analyst, HDFC securities said, "After showing weakness in the last session the Nifty shifted into a consolidation and closed the day decently higher. A small positive candle was formed today with lower shadow, which indicates a formation of high wave type candle pattern. The key lower area of 11850 has been acting as a support with intraday violation. Though, Nifty witnessed minor upside recovery from the lows today, the negative short term chart set up has not been changed. The short term trend of Nifty weak amidst a range bound action. A sustainable move below 11850-25 levels could open sharp weakness in the near term."

US President Donald Trump on Monday said that the US would restore tariffs on all steel and aluminum that are shipped into the US from Brazil and Argentina. As a result of the announcement, the Asian shares registered a decline due to rekindling fears over global trade tensions. Among the major shedders, the Japanese Nikkei 225 index dipped 0.64%, South Korean Kospi went down 0.38%, and Hang Seng declined 0.20%.

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