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Sensex Sheds Nearly 300 Points From Intra-Day Highs

By Administrator_ India

Capital Sands

The benchmark indices have surrendered most of their early-morning gains and turned flat, amid bouts of choppiness. At 1:40 pm, the BSE Sensex had surrendered almost 300 points from an intra-day high of 50,961.35 and was trading at 50,682.35, up 32.62 points and the NSE Nifty was at 15,221.25, up 23.25 points or 0.1 percent. The broader markets were trading mixed, with the BSE Midcap index shedding 0.2 percent and the BSE Smallcap index adding 0.3 percent.

On the economy front, Barclays cut its full-year 2021-22 economic growth forecast for India by 80 basis points to 9.2 percent, saying the toll from stringent lockdowns imposed to curb rising COVID-19 infections appeared to be bigger than earlier expectation.

Meanwhile, the rupee strengthened by 13 paise to 72.83 against the US dollar tracking the broad weakness of the dollar. The rupee had opened at 72.85 against the dollar at the interbank foreign exchange.

On the flip side, banking stocks were witnessing some profit-booking after their recent gains. HDFC Bank, IndusInd Bank, Axis Bank, and State Bank of India lost up to 2 percent each on the BSE.

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