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Sensex, Nifty Post Biggest Drop of 2017

Nifty futures traded on Singapore Exchange fell 0.45%, mirroring weak Asian peers

A trader reacts while working in a brokerage house in Mumbai, India. (Photographer: Prashanth Vishwanathan/Bloomberg News)
A trader reacts while working in a brokerage house in Mumbai, India. (Photographer: Prashanth Vishwanathan/Bloomberg News)
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Closing Bell

Indian equity benchmarks posted their biggest drop of this year, while the rupee fell to over 5-month low amid concerns the government is mulling steps to boost the economy that may lead to fiscal deficit widening.

The S&P BSE Sensex fell 1.4 percent to 31,914 and the NSE Nifty 50 declined 1.6 percent to 9,964. For the week, the Sensex slipped 1 percent while the Nifty declined 1.2 percent.

Policy makers are studying economic indicators and appropriate action will be taken at the right time, the Finance Ministry wrote on Twitter Thursday, citing Finance Minister Arun Jaitley’s speech at an event.

Concerns about India’s public finances heightened as the ET Now television channel wrote in Twitter posts that the government was weighing a stimulus package of Rs 40,000 crore.

All 19 sector gauges compiled by the BSE Ltd. declined led by the S&P BSE Realty Index’s 4.3 percent drop.

Rising valuations deterred investors from buying, which triggered a correction, said Dipan Mehta, member of BSE. “I will not be too perturbed as there is enough liquidity on the sidelines willing to be invested.”

Underlying fundamentals are intact and the economy is recovering after GST and demonetisation, which will be reflected in corporate profitability, Deven said.

Sensex, Nifty Post Biggest Drop of 2017
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Realty Stocks Crack

Shares of the real estate companies saw heavy selling pressure. The S&P BSE Realty Index plunged as much as 3.6 percent, the most in over one month, to 2,085.

Sensex, Nifty Post Biggest Drop of 2017

Market Check

  • Nifty trades with a negative bias for the fourth straight session
  • Nifty drops below the 10,000 mark in trade
  • ICICI Bank, HDFC Bank and L&T top contributors to Nifty fall
  • Nifty Metal Index performs the worst amongst the sectors; drops 3.5 percent
  • Nifty Realty Index drops over 3 percent; down for third session
  • 15 F&O stocks trade with a negative bias
  • Nifty PCR cracks from 1.52 to 1.23 on call writing
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What Did You Miss


Hindalco Falls Most In Over One Month

Shares of the metal maker fell as much as 4.5 percent, the most in over one month, to Rs 233. The trading volume was 30 percent more than the 30-day average of 66.4 lakh shares for this time of day.

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