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The
benchmark indices settled lower for the fifth straight session, falling 1.5 per
cent
weighed
by financial and automobile stocks.The S&P BSE Sensex ended at 36,305, down
537 points. The index had hit an intraday low of 36,216.95. The broader Nifty50
index settled at 10,975, down 168 points, hitting an intraday low
of 10,943.60.The bank stocks ended in red
with Nifty Bank index slipping 2.6 per cent due to fall in share prices of RBL
Bank and Punjab National Bank (PNB). The Nifty Auto index also fell 3.7 per
cent due to a fall in Mahindra & Mahindra and Eicher Motors.In the broader markets, the S&P BSE
MidCap index settled 2.4 per cent while the S&P BSE SmallCap index
slipped 2.7 per cent.
Seeking to calm the nerves of worried investors, Finance Minister
Arun Jaitley on Monday said that the government would take all measures to
ensure adequate liquidity for non-banking financial companies (NBFCs) and
mutual funds. The minister's remarks come in the wake of stock markets
witnessing sudden and stiff fall in intra-day trade on Friday over concerns of
a liquidity crisis being faced by some of the NBFCs. “Market correction was
overdue given the stretched valuations. With oil on the boil and rupee levels,
it was just a matter of time for the markets to take cognizance.
Developments related to IL&FS, however, were foreseen. The current market
movement is more of a contagion and has led to a risk-off phase now. The
Nifty50 can dip another 500-points from here on in a worst.
TOP GAINERS:TCS,COALINDIA,INFY
MAJORLOOSERS: M&M,BAJAJFINANCE,HDFC
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