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Indian Indices Erase Gains; Telecom Stocks Under Pressure
Tue, 16 Jun 01:30 pm

Share markets in India have erased all the early gains and are presently trading on a volatile note as investors panicked over the escalating border tensions.

Reportedly, Chinese troops have killed three Indian soldiers, including the Commanding Officer of a battalion at Galwan valley in a violent faceoff on Monday night, heightening tensions on the border to such levels since 1975, when four Assam Rifles troopers had been ambushed.

Sources said that the Commanding Officer, a Junior Commissioned Officer and a soldier were killed in a violent skirmish perpetrated by the Chinese side that have refused to leave the Galwan valley and are sitting inside Indian territory.

In opening trade today, the BSE Sensex rallied as much as 750 points while the broader NSE Nifty topped 10,000-mark.

Presently, the BSE Sensex is trading down by 22 points. Meanwhile, the NSE Nifty is trading down by 8 points.

Sectoral indices are trading on a mixed note with stocks in the telecom sector and energy sector witnessing selling pressure.

Metal stocks on the other hand are witnessing buying interest.

More details to follow in the upcoming commentary.

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