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04 Sep 2020, 04:06:02 PM IST
Sensex, Nifty shut deep within the purple
It was certainly a Freaky Friday for the markets as benchmark indices crashed round 1.6% triggered by global selloff. Sensex crashed 633 factors or 1.6% lower to 38,357 factors with Maruti Suzuki being the lone gainer on the index. Axis Bank, Tata Steel and ITC have been the distinguished laggards among the many 29 constituents that declined right now.
Nifty closed 193 factors or 1.6% lower at 11333 factors dragged down by Nifty Bank that fell 2.2%. Only one inventory –Maruti Suzuki– gained on the index, whereas 49 declined. India VIX or worry gauge rose 7%.
“We managed to stick above the 11300 level which is a saving grace for the bulls until markets reopen on Monday. If we breach this level on a closing basis, we could enter into a short term bear phase. On the upside, we need to get past 11600 for the markets to continue its upward momentum,” stated Manish Hathiramani, proprietary index dealer and technical analyst, Deen Dayal Investments.
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