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Sensex slips 299 points after hitting 40,000 mark as PM Modi wins election


Equity benchmark indices gave up early gains and slipped into red on Thursday after the Sensex breached 40,000 mark briefly and Narendra Modi-led coalition won a back-to-back majority in the recent

Profit booking dragged the stocks lower despite the mandate to Modi for pursuing business-friendly policies and taking decisive action on national security.

At the closing bell, the BSE Sensex was down 299 points at 38,811 while the slipped 89 points to 11,657.

Except media and realty, all sectoral indices at the National Stock Exchange were in the negative zone with losses across the board.

Mining was down 5.6 per cent, 4 per cent, ITC 3.8 per cent, 3 per cent and Finserv 2.6 per cent.

However, Adani Ports and Special Economic Zone (APSEZ) Limited was up nearly 6 per cent after the company announced it has obtained all requisite clearances and permissions to develop and operate a container terminal at in

Shares of IndusInd also closed 5 per cent higher after the said it has an exposure of Rs 3,004 crore to the which has been classified as a non-performing loan in the fourth quarter of 2018-19.

Zee Entertainment, Grasim and also showed gains between 2 and 5 per cent.

Meanwhile, Asian stocks traded in the red as investor concerns grew over the escalating US-trade tensions. Shares fell were in the negative territory at Sydney, Tokyo, Hong Kong, and


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 23 2019. 16:22 IST