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Sensex, Nifty End Modestly Lower After Last Week's Rally

(RTTNews) - Indian shares ended a tad lower on Monday as weak global cues prompted traders to book some profits after last week's strong rally.

The benchmark 30-share BSE Sensex ended the session down 60.73 points or 0.17 percent at 34,950.92, with strong macro data helping limit the downside.

India's private sector expanded at the fastest pace since July on broad-based growth across services and manufacturing, survey data from IHS Markit showed today.

The Nikkei composite output index improved from 51.6 in September to 53.0 in October, marking the strongest expansion in private sector activity since July. The Nikkei services PMI climbed to 52.2 from 50.9 a month ago.

The broader NSE Nifty index dropped 24.80 points or 0.24 percent to 10,528.20 after surging around 5 percent last week to halt a two-week losing streak.

Indian Oil Corp slumped 5.2 percent after its quarterly profit declined 12.2 percent, missing estimates by a wide margin. Rival BPCL tumbled 3.5 percent and HPCL lost 3 percent.

State Bank of India jumped 3.8 percent as it returned to profitability after four quarters on improved asset quality.

Punjab National Bank rallied 2.5 percent despite the bank posting a loss of Rs 4,532.35 crore for the September quarter on account of rising bad loans.

Axis Bank advanced 2 percent after its quarterly profit surged 83 percent amid improvement in credit quality.

Globally, other Asian markets fell across the board as hopes of an imminent U.S.-China trade deal faded and investors looked ahead to the U.S. mid-term elections as well as the FOMC meeting for directional cues. European stocks were also subdued in early trade.
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