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Sensex drops 314 points, Nifty settles below 17,900; RIL, HDFC twins drag

The S&P BSE Sensex slipped 314.04 points (0.52 per cent) to end at 60,008.33 while the Nifty 50 ended 100.55 points (0.56 per cent) to settle at 17,898.65.

By: Express Web Desk | New Delhi |
Updated: November 17, 2021 3:57:22 pm
BSE (Express Photo by Amit Chakravarty)

The benchmark equity indices on the BSE and National Stock Exchange (NSE) ended over 0.5 per cent on Wednesday weighed by market heavyweights Reliance Industries (RIL) and HDFC twins.

The S&P BSE Sensex slipped 314.04 points (0.52 per cent) to end at 60,008.33 while the Nifty 50 ended 100.55 points (0.56 per cent) to settle at 17,898.65. Both the indices had opened lower earlier in the day and traded in a choppy manner before ending in the red.

RIL was the top contributor to Sensex’s fall on Wednesday followed by HDFC twins comprising of HDFC bank and Housing Development Finance Corporation (HDFC) along with Kotak Mahindra Bank and Axis Bank. On the other hand, Asian Paints, ITC, Maruti Suzuki India were among the top gainers.

Among the sectoral indices, the Nifty Realty index slipped 1.64 per cent weighed by Godrej Properties, Sunteck Realty and Prestige Estates Projects. The Nifty Pharma too fell 1.28 per cent dragged by Glenmark Pharmaceuticals and Strides Pharma Science. The Bank Nifty too dipped 0.69 per cent due to a fall in Axis Bank and Bandhan Bank.

“Robust US retail sales data failed to inspire global markets as domestic indices were seen trading with a negative bias to close deep in the red. UK’s rising annual inflation rate reported at 4.2 per cent in October from 3.1 per cent a month ago, has begun to sour investor moods, adding to the existing inflationary worries. US October Retail Sales data rose 1.7 per cent MoM, beating estimates. The surge in fresh covid cases is keeping global investors on the edge fanning fears of an economic slowdown. On the domestic front, the auto sector was in focus as reports suggested relief in chip & semi-conductor shortages,” said Vinod Nair, Head of Research at Geojit Financial Services.

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