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Sensex Corrects Over 750 Points; Nifty Falls Below 9,000 Mark
Mon, 18 May 10:30 am

Share markets in India have extended early losses and are presently trading deep in the red. Stimulus measures announced over the weekend failed to cheer markets.

Further, sentiment dampened as the government extended nationwide lockdown till May 31, although with some relaxations to pave the way for increased movement of people and facilitate more economic activity.

Finance Minister Nirmala Sitharaman announced various structural reforms over the weekend under the Rs 20 trillion economic package.

Financing of agri infrastructure projects, privatising all PSUs outside strategic areas, and raising state borrowings limit to 5% of Gross State Domestic Product (GSDP) from 3% were some of the measures announced.

The BSE Sensex is trading down by 727 points, down 2.2%, while the NSE Nifty is trading down by 205 points.

Shares of IndusInd Bank and ICICI Bank plunged over 6%, while Axis Bank, Bajaj Finance, and Kotak Mahindra Bank fell 5%.

All sectoral indices are trading in red with stocks in the banking sector, realty sector, and finance sector witnessing most of the selling pressure.

More details to follow in the upcoming commentary.

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