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Tracking global cues, equity benchmark indices in India started the week on a negative note in Monday’s morning session, with Sensex declining 567 points at 35,106 levels. Nifty too declined 173 points to trade at 10,520 levels, well below its key level of 10,550.
The fall in domestic market was in-line with Asian peers, which dropped in the morning today on the back of resurfacing trade conflicts between the US and China.
Further, uncertainty over an outcome of the assembly elections is also having an impact on the markets. Madhya Pradesh, Chhattisgarh, Rajasthan, Mizoram, and Telangana are holding assembly elections, whose results will be out on December 11. The result will be seen as a warm-up for the general elections in early 2019.
The fall in the Sensex can be attributed to sharp sell-off in Reliance Industries, HDFC Bank, Housing Development Finance Corp, ICICI Bank, and ITC. However, GAIL, HCL Tech, and Tech Mahindra managed to gain the most.
Further, all sectoral indices were trading down on the NSE. The Nifty Realty Index, which slipped 2.5%, was leading the fall of sectoral indices. Nifty Metal, Media, and Auto indices also dropped ~2% each.
Additionally, market breadth was negative on the NSE with 1,411 shares declining, 181 shares advancing and 467 remaining unchanged.
Incidentally, India Vix, a volatility index, which measure market’s expectation of volatility, rose ~3%.
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