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Sensex Drops 500 Points, Breaches 51K; Nifty Bank Dives 1.28%

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After failing to hold on to their early gains, Indian benchmark indices dropped more than half a percent in Friday's noon trade. At the close, Sensex was down by 534 points, while Nifty went lower by 145 points to 15029.

 

BPCL, IOC, Powergrid, JSW Steel and Titan were among the top NSE gainers, while laggards include Bajaj Auto, HDFCLife, SBILife, Hindalco and Adani ports.

Sensex Drops 500 Points, Breaches 51K; Nifty Bank Dives 1.28%

The stock of IDBI Bank increased by 17% after the RBI excluded it from the PCA system.
The sectoral indexes were all in the red at the end of the day. The BSE Midcap index fell 0.4 percent, while the BSE Smallcap index remained unchanged.

Investors have been more bearish, and banking stocks, which were up in the first half of Friday's trading session, have now given up their early gains. The index reached a new intraday low of 35,188.05.

Amid selling in the domestic stock market, the Indian rupee lost some of its intraday gains and ended 13 paise higher at 72.81 per dollar.

On Friday, Treasury yields resumed their ascent, putting pressure on European stocks, especially Nasdaq-100 futures. According to the Office for National Statistics, the UK economy shrank by 2.9 percent in January, with the services sector leading the way amid lockdowns and as new Brexit trade deals hit exports.

 

US stock futures dropped, with technology shares adding to the recent increase in demand for rising stocks.

GoodReturns.in

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