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Stock Market Update: Sensex Drops Nearly 800 pts, Nifty Near 16,250; IIFL Surges 8% – News18

Indian equity markets opened in deep red amidst weak global cues on Friday morning. Indices tank more than 1 per cent, tracking global cues, Sensex was down more than 600 points, Nifty was near 16,300. Among the Sensex-30 shares, Wipro, Tata Steel, Infosys, Tech M, Kotak Bank, Bajaj Finance and TCS led losses, falling up to 2.6 per cent. NTPC and PowerGrid, meanwhile, were the sole losers.

On the flip side, NTPC, PowerGrid, Titan, Maruti, Tata Consumer, Bajaj Auto and HeroMoto were the handful of gainers on the two benchmarks.

In the broader markets, the BSE MidCap and SmallCap indices were also in the negative territory, down up to 1 per cent.

Sectorally, all indices suffered losses. Nifty Metals and IT slumped the most, down up to 1.7 per cent. Nifty Banks, Financials, Pharma and PSBs were the other notable drags.

Among stocks, IIFL Finance rose around 5 per cent, defying a weak market. The company’s wholly-owned subsidiary IIFL Home Finance has entered into definitive agreement for raising Rs 2,200 crore for a 20 per cent stake from the Abu Dhabi Investment Authority (ADIA).

Global Cues

US stocks sold off sharply Thursday as investor anxiety heightened ahead of data on Friday that is expected to show consumer prices remained elevated in May. The Dow Jones Industrial Average fell 638.11 points, or 1.94 per cent, to 32,272.79; the S&P 500 lost 97.95 points, or 2.38 per cent, to 4,017.82; and the Nasdaq Composite dropped 332.05 points, or 2.75 per cent, to 11,754.23.

Tokyo stocks opened lower on Friday, tracking falls on Wall Street, with investors cautious ahead of key US inflation data due later in the day. The benchmark Nikkei 225 index was down 1.03 per cent, or 290.31 points, at 27,956.22 in early trade, while the broader Topix index fell 1.01 per cent, or 19.82 points, to 1,949.23.

Asian shares tracked Wall Street lower on Friday, while the dollar held on to its overnight gains, after rate hike guidance from the European Central Bank and upcoming US inflation data unnerved investors. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.2 per cent in early Asian trade, weighed down by drops of 1.5 per cent in Hong Kong, 0.8 per cent in resources-heavy Australia and 1.6 per cent in South Korea.

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