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Sensex crashes 550 pts, Nifty below 17,600; private banks, IT stocks weigh – Economic Times

NEW DELHI: Benchmark indices on Monday fell for the second session, led by selling in private banks and IT heavyweights and TCS. Asian markets were largely mixed and US stocks had a weak closing on Friday, weighing on investor sentiment.

Further, The US dollar index hit a fresh five-week high after another Federal Reserve official flagged the likelihood of continued aggressive monetary tightening ahead of the central bank’s key Jackson Hole symposium this week.

At 9.24 am, the BSE Sensex was trading 555 points or 0.93 per cent lower at 59,090. Nifty50 was trading at 17,583, down 175 points or 0.98 per cent. The midcap and smallcap indices fell up to 1.29 per cent .

“Friday’s decent correction has validated our stance of staying light at higher levels and now, the way our key indices snapped their 8-days winning streak, it does not augur well for monthly expiry week. If we see some nervousness globally, we may see Nifty50 testing lower levels of 17,600-17,450,” said Sameet Chavan of Angel One.
declined 2.71 per cent to Rs 1,826. , Wipro, , and dropped 1.82 per cent, 1.66 per cent, 1.62 per cent, 1.53 per cent and 1.42 per cent, respectively. declined 1.27 per cent to Rs 1,474.55.

SBI, TechM,

, and fell over 1 per cent each.

rose 1.14 per cent, followed by ITC, , , and Dr Reddy’s Labs that gained up to 0.6 per cent.

“Market is delicately poised with higher downward risk. The sustained FPI buying is positive. But FPIs are unlikely to buy aggressively in the present context of rising dollar. The dollar index is back above 108 and the US 10-year bond yield is at 2.99 per cent. This is negative for capital flows to emerging markets,” said VK Vijayakumar, Chief Investment Strategist at


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