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Markets scaled lifetime highs with the S&P BSE Sensex hitting the 40,000 mark for the first time ever. On the other hand, the Nifty50 breached the 12,000 mark post the outcome of the general elections
The benchmark indices ended the past two sessions in the red on concerns over deficient rains and India-US trade tensions
There has been an earnings recession for the past 4-5 years in the market causing a downward bias for the future, Khattar says.
The rupee declined 0.7% to close at 70.17 compared to the previous day's close of 69.69
Investors booked profits in heavyweights such as Reliance Industries (RIL), Infosys, TCS, ICICI Bank, HDFC and ITC during the session, which pulled the market lower.