Prime Time Zone, Webdesk: Domestic equity markets once again suffered huge losses. The mid-session fell sharply from the front, though it started amid volatility in Monday’s trading after last weekend ended with high losses. With these developments, the Sensex index, which had lost all its post-budget gains, fell back below the 50,000 mark. The Nifty also slipped below 14,700. Market analysts said the fall was mainly due to the volatile trend in Asian markets, with investors in key finance, auto and banking sectors preparing to take profits.
The Sensex was down 1,145.44 points at 49,744 and the Nifty was down 306.05 points at 14,675. While the media fell more than 3 per cent in the Nifty, PSU Bank, Private Bank, IT, Pharma, Realty and Auto indices traded lower. Only the metal sector moved positively. Only ONGC, HDFC Bank and Kotak Bank gained in the Sensex, while all other indices traded lower. In particular, Dr Reddy’s, M&M, Tech Mahindra, IndusInd Bank, Axis Bank, TCS, L&T, Reliance, Maruti Suzuki, HCL Tech, PowerGrid and HDFC were the biggest losers. Rupee exchange rate against US dollar Is at 72.73.
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