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Sensex falls 678 points as banking, IT shares drag; Nifty ends below 17,700


NEW DELHI: Equity indices extended losses for the third straight day on Friday with the benchmark BSE sensex falling over 650 points dragged by banking and IT stocks. The 30-share BSE index fell 678 points or 1.13 per cent to close at 59,307. While the broader NSE Nifty settled 186 points or 1.04 per cent lower at 17,671. Tech Mahindra was the biggest loser on the sensex pack falling as much as 3.44 per cent followed by NTPC, IndusInd Bankm Kotak Bank, L&T and Reliance. Whereas Ultra Cemco, Dr Reddy’s, Maruti, Tata Steel and Titan were the major gainers rising up to 2.61 per cent. On the NSE platform, sub-indices Nifty IT, Bank, Private Bank and Financial Services fell as much as 1.45 per cent. IRCTC recouped most of its 30 per cent drop after the railway ministry reversed its decision to seek half of revenue from service charge on online tickets. The stock closed 7.45 per cent lower at Rs 845.65 on the BSE and 7.74 per cent down at Rs 842.8 on the NSE. Both indexes were down over 1 per cent this week. “Several brokerages have come up with re-ratings (on Indian equities) and foreign investors have been pulling money out of markets consistently. These may have been working on the minds of retail traders for some time,” Anand James, chief market strategist at Geojit Financial Services told news agency Reuters. “A softer dollar, cooling of oil prices and easing of US treasury yields have given a sense of comfort to the market,” James said, adding the new series of derivations have seen some amount of buying. Meanwhile, foreign institutional investors have sold $1.17 billion in Indian equities this week as of Thursday, Refinitiv data showed. (With inputs from agencies)


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