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Sensex Plunges Over 700 Points; Banking Stocks Lead Losses

The Financial institution index was the highest sectoral loser on the BSE, shedding over 2 per cent.

The benchmark indices have slipped greater than a per cent within the afternoon session to commerce close to the lows of the day, as fears surrounding the mounting Covid instances got here again to hang-out the market contributors after a four-day rally. At 1:45 pm, the BSE Sensex was buying and selling at 49,064.45, decrease by 700.05 factors or 1.33 per cent and the NSE Nifty was at 14,715.25, down 163.45 factors or 1.30 per cent. The Financial institution index was the highest sectoral loser on the BSE, shedding over 2 per cent.

The BSE Midcap and BSE Smallcap indices nonetheless continued to outperform their largecap friends and have been buying and selling flat. 

In the meantime, India posted a file every day rise in coronavirus instances of 386,452 on Friday, whereas deaths from COVID-19 jumped by 3,498 during the last 24 hours, based on well being ministry information.

On the stock-specific entrance, the HDFC twins HDFC and HDFC Financial institution had dived by practically Four per cent on the BSE, whereas ICICI Financial institution, SBI and Kotak Mahindra Financial institution shed round 2 per cent every. Hindustan Unilever, Tata Motors and Hindalco have been the opposite vital losers among the many BSE shares.

However, ONGC, Divi’s Lab, Coal India and Grasim bucked the weak development, registering good points of 1-Four per cent every on the BSE. And Reliance Industries was buying and selling decrease by 0.eight per cent at Rs 2007 forward its outcomes.

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