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Taking Stock: Profit-booking hits D-St; Nifty below 10,800 but rallies 1.5% for the week

Indian markets witnessed profit-booking at higher levels on July 10, tracking a muted trend in global markets. It recouped some of the intraday losses but the S&P BSE Sensex fell over 100 points while the Nifty closed below 10,800 towards the close of the trade. The S&P BSE Sensex ended 143 points lower at 36,594 while the Nifty50 slipped 45 points to 10,768. Market breadth favoured declines; advance-decline ratio at 1:2 For the week, the Nifty50 and the S&P BSE Sensex rose 1.5 percent each. In terms of sectors, the NiftyBank rose 2.5 percent and the Nifty Metal rallied 3.5 percent. related news Markets continued their volatile movements and ended the day negative, tracking mixed global cues. The market saw profit-taking at higher levels, and it looked like the index was in a no-trade zone. Traders should wait for a breakout above 10,900 or a break down below 10,676 levels (intraday low of July 8), say experts. “Global stocks were mixed following record infections in the US, which led to worries of delayed global economic recovery, while Indian markets worried about record cases of infections and increasing localized lockdowns. However, on a weekly basis, the benchmark indices gained around 1.5%,” Vinod Nair, Head of Research at Geojit Financial Services told Moneycontrol. “The weekly gains were mainly driven by liquidity and the hope that the virus would be contained soon and businesses back to normal. However, the outlook for the market is volatile, as the earnings announcements have begun after a

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