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Sensex loses 660 points, banking, finance stocks down
Mumbai, July 14, 2020
Amid a global sell-off, the Indian stock market, too, witnessed a slump on Tuesday, with the BSE Sensex losing 660 points.
The Nifty50 on the National Stock Exchange also fell nearly 200 points to end just above the 10,600 mark.
Heavy selling pressure was witnessed in banking, finance and auto stocks. The S&P BSE Banking index lost 3.06 per cent, the Finance index was down 2.56 per cent, and the Auto index closed 2.43 per cent lower.
Both Asian and European markets traded on a negative note on Tuesday.
On the technical front, Deepak Jasani, Head of Retail Research at HDFC Securities, said: "With the Nifty breaking down from the recent trading range, the short-term trend has now turned downwards. Further downsides are likely once the immediate support of 10,562 is broken. Any pullback rallies could find resistance at 10,666."
On Tuesday, the Nifty50 closed at 10,607.35, lower by 195.35 points or 1.81 per cent from its previous close of 10,802.70 points.
The Sensex closed at 36,033.06, lower by 660.63 points or 1.80 per cent from its previous close of 36,693.69.
It had opened at 36,517.28 and touched an intra-day high of 36,538.10 and a low of 35,877.42 points
The only gainers on the Sensex on Tuesday were Titan Company and Bharti Airtel, which rose by 0.78 per cent and 0.40 per cent, respectively.
The major losers on the Sensex were IndusInd Bank (down 5.33 per cent), Axis Bank (down 5.08 per cent), and Maruti Suzuki India (down 3.69 per cent).