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Equities plunge amid global selloff; banking, auto stocks fall
Mumbai, August 14, 2020
The Indian stock market slumped on Friday, tracking a sell-off in the global markets.
Major Asian markets closed on a mixed note, while European indices like the FTSE, DAX and CAC have ended lower.
Heavy selling in banking, finance and auto stocks also weighed on the indices. The BSE Banking index fell 2.18 per cent and the auto and finance indices were down 2.50 per cent and 1.88 per cent, respectively.
Global shares dipped on Friday after lacklustre Chinese economic data and worries about a delay in the US fiscal stimulus discouraged some investors from taking on risk, said Deepak Jasani, Head of Retail Research at HDFC Securities.
Manish Hathiramani, technical analyst with Deen Dayal Investments, said: "The markets broke 11,150 fiercely but managed to hold 11,100 on closing basis. Next week would prove to be crucial as we would need to see if 11,100 holds."
The Nifty50 on Friday closed at 11,178.40, lower by 122.05 points, or 1.08 per cent, from the previous close of 11,300.45.
The BSE Sensex closed at 37,877.34, lower by 433.15 points, or 1.13 per cent, from its previous close of 38,310.49.
It had opened at 38,432.94 and touched an intra-day high of 38,540.57 and a low of 37,654.92 points.