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Sensex down more than 500 points, shrewd below 14,750 dragged by banks

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Nifty has jumped 80 percent in the current fiscal year.

Indian stock indices continue to trade negatively on the last day of fiscal year 2020-2021, dragged down by losses from index heavyweights like HDFC, HDFC Bank, ICICI Bank, Infosys, Reliance Industries and Kotak Mahindra Bank. The benchmarks opened weaker and prolonged losses in afternoon trading, with the Sensex falling 611 points and the Nifty 50 index trading near its important psychological level of 14,700. US bond yields and the appreciation of the dollar against the rupee weighed on investor sentiment. Rising US bond yields are fueling fears of foreign capital outflows from emerging markets, analysts added.

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During the current fiscal year, Nifty has given the best performance since its inception. At yesterday’s close, the Nifty jumped 80%.

At 1:53 p.m., the Sensex was down 541 points or 1.08% to 49,606 and the Nifty 50 Index fell 130 points or 0.88% to 14,715.

“The market opened on a slightly negative note after yesterday’s rally and the correction continued into the first half of the year following global signals. The US market ended negative after US Treasury yields hit another high. market peak. Asian markets traded lower following overnight negative clues from Wall Street on bond yield issues and falling oil prices. We can expect the Nifty to be in a range of 14,500 to 14,900 for the next trading sessions. If Nifty exceeds 14,900, we can expect 15,200, “Likhita Chepa, senior research analyst at CapitalVia Global Research told UK Time News.

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Five of the 11 sector gauges compiled by the National Stock Exchange were trading lower, due to the 1.61% drop in the Nifty Bank index. The Nifty Financial Services, IT, Media and Private Banking indices were also trading.

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In contrast, stocks in state banks, metallurgy, pharmaceuticals, real estate and consumer goods showed buying interest.

Mid and small cap stocks saw moderate buying interest, with the Nifty Midcap 100 Index increasing 0.19% and the Nifty Smallcap 100 Index increasing 0.4%.

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HDFC Bank was Nifty’s best loser, the stock fell 4.11 percent to Rs 1,490. HSDFC, Power Grid, Tech Mahindra, Kotak Mahindra Bank, ICICI Bank, Hero MotoCorp, Coal India, Infosys, NTPC, NPCL, Reliance Industries, Bajaj Finance and Eicher Motors also fell 0.6-4%.

Conversely, UPL, Tata Motors, SBI Life, Grasim Industries, Tata Steel, Shree Cements, State Bank of India, ITC and Tata Consultancy Services rose 1-3 percent.

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