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Stock market | Sensex down 483 points on sell-off, Nifty also at a loss

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Mumbai The local stock market fell on Monday and the BSE Sensex closed down about 483 points. The sell-off in information technology, capital goods and bank stocks sent markets tumbling amid losses in global stock markets. The 30-share Sensex fell by 482.61 points, or 0.81 per cent, to close at 58,964.57. It traded at 552.78 points during trading.

The Nifty on the National Stock Exchange, on the other hand, closed 109.40 points, or 0.62 per cent, lower at 17,674.95. Of the stocks included in the Nifty, 29 stocks were at a loss. Shares of Larsen & Toubro, HCL Technologies, Infosys Wipro, Asian Paints, HDFC, HDFC Bank and Axis Bank were the main losers in the Sensex. By contrast, the beneficiaries include ICICI Bank, NTPC, Kotak Mahindra Bank, TCS and Ultratech Cement.

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TCS’s financial results for the fourth quarter of the last financial year will be announced today. “Investors took a cautious approach before the European Central Bank (ECB) meeting, US inflation data and the announcement of the fourth quarter financial results of companies,” said Vinod Nair, head of research at Geojit Financial Services. Global markets also fell on fears of weak growth due to inflation concerns, additional signs of an aggressive rate hike by the US Federal Reserve and geopolitical conditions.

US Central Bank officials have indicated that they may consider doubling the policy rate at the next meeting. He also hinted that the Federal Reserve could take the purchased bonds out of the market. This will increase the rate of commercial loans. Among other Asian markets, Hong Kong’s Hang Seng, South Korea’s Kospi, China’s Shanghai Composite and Japan’s Nikkei declined.

Europe’s major markets also saw a decline in early trade. International oil benchmark Brent crude fell 2.38 percent to $ 100.3 billion a barrel. According to stock market data, foreign institutional investors traded at Rs. 575.04 crore shares were sold. (Agency)

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