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Today market witnessed a sharp selloff in
afternoon trade ,with most sectors reeling
under strong pressure. Today sensex at
45553 down 1407 points & nifty
settled at 13328 down 432 points. Among the sectors, nifty psu bank cracked
around 7%, while media fell over 6%. Auto, bank and metal indices fell up to 5
%. Today Reliance stocks fell 3 % to Rs 1934 level in Monday's trade. As a
result, its m-cap fell roughly to Rs 12.26 lakh crore intraday from Rs 13.47
lakh crore in the previous day. Tata Power fell 10.70 % to Rs 68 Canara Bank
declined 10.35 % to Rs 109.10. Federal Bank fell 9.65 % to Rs 59.95. RBL Bank
was down 9.69 % to Rs 205. GMR Infra, BHEL, AU Small Finance Bank and ABFRL
declined 8-10 %.The entire Metals basket was quoting in the red. The Nalco
falling the most 10 % It was followed by Vedanta (down 8.55 %), Jindal
Steel down 7.50 %, Hindalco down 7.32 %
and Coal India down 5.82 %.
If the market stays above 13700, then it should be head to 14,000. Strong
support lies at the 13500-13600 levels and as long as that holds, the trend of
the index remains bullish and traders can utilize any dip to accumulate long
positions.
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