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| Photo Credit: The Hindu
Benchmark fairness indices Sensex and Nifty pared early gains to shut lower by over half a per cent on February 20 due to losses in oil & gasoline and banking shares amid issues over additional uptick in rates of interest.
Falling for the second straight session, the BSE Sensex closed lower by 311.03 factors or 0.51% at 60,691.54. The index opened greater at 61,112.84 and gained additional round 290 factors to hit the day’s excessive of 61,290.19.
However, promoting in index main Reliance Industries, HDFC twins, ICICI Bank Maruti and Kotak Bank dragged the barometer to a low of 60,607.02.
The NSE Nifty fell 99.60 factors or 0.56% to finish at 17,844.60 as 30 of its constituents declined whereas 20 superior.
From the Sensex pack, Maruti, HDFC, Kotak Mahindra Bank, Axis Bank, Bajaj Finance, Reliance Industries, Nestle and ICICI Bank have been among the many main laggards.
ExtremelyTech Cement, Tech Mahindra, Power Grid, Infosys, Tata Motors, HCL Technologies, Mahindra & Mahindra and Bharti Airtel have been the key winners.
“Stocks are getting beaten ahead of the release of Fed minutes on Wednesday. Maintaining its guard against inflation, the Fed is expected to remain hawkish. As expected, it is unlikely to have a dire effect on the global stock market.”
“However, the consequence of constant high interest rates is causing a slowdown in demand and the earnings outlook, hence the near-term trend will be cautious,” stated Vinod Nair, Head of Research at Geojit Financial Services.
In Asian markets, Japan, South Korea, Hong Kong and China ended within the constructive territory.
European markets have been buying and selling lower. The US markets had ended on a combined observe on Friday.
International oil benchmark Brent crude climbed 0.95% to $83.79 per barrel.
Foreign Portfolio Investors (FPIs) offloaded shares value ₹624.61 crore on Friday, in accordance to change knowledge.
