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Sensex tanks 1,100 points, Nifty below 10,900

Last Updated 24 September 2020, 09:37 IST

Indian equities continued to tumble as benchmark indices crashed by over 2.5% on Thursday, continuing the losing streak for the sixth continuous day. With today's rout, the Sensex has lost about 2,600 points in six days (about 6.5%).

At the time of filing this copy, BSE Sensex was trading at 36,555.88 down 1112.54 points. Similarly, broader index NSE Nifty was trading at 10,873.10, down 258.75 points (2.32%).

As the equity investors lost Rs 3.36 lakh crore during the day's trade, the total losses in the past six trading sessions have now bulged to Rs 10.73 lakh crore.

Analysts say that markets are getting realistic and that is what is leading to this correction.

"As Fed's buying programme and liquidity ebbs, the euphoria has been replaced by a more pragmatic approach to evaluating risk vis-a-vis US election, trade wars, pandemic and the teetering domestic GDP," said Anubhav Srivastava, Partner, Infinity Alternatives.

With the rupee depreciating by 33 paise against the US dollar, the foreign investors led the sell-off for Indian equities. The FIIs, in the past five trading sessions, have withdrawn a net of Rs 7,900 crore from the Indian equity markets.

Among the sectors, IT and metals were worst hit, with Nifty IT and Nifty Metal crashing by 3.9% and 3.7% each.

As a result of continuous correction in equities, since Monday, Indian benchmarks have started giving 52-week negative return again after a hiatus of two months.

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(Published 24 September 2020, 08:43 IST)

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