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Nifty Slips Below 8,900, Banking Stocks Slump

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Nifty Slips Below 8,900, Banking Stocks Slump
The BSE Sensex fell over 350 points after hitting a record high of 29,844.16 in early noon deals on Friday. The broader Nifty was down 100 points after coming close to taking out the key 9,000 levels for the first time as profit booking in banking, FMCG, metal and auto stocks scaled up.
 
Banking, auto, consumer durables, FMCG and healthcare stocks were the worst hit in trades on Friday. The Bank Nifty was the top sectoral loser, down 2 per cent or 390 points at 20,137.
 
The broader markets also came under the selling pressure and erased all the morning gains.
 
Bank of Baroda was the top loser among the Nifty stocks. The stock sank 14 per cent to Rs 185 after the bank reported third quarter results which came in below expectations hence casting doubts on the asset quality of the public sector lender.
 
Punjab National Bank, Dr Reddy's Labs, HDFC, HDFC Bank, TCS, State Bank of India, ICICI Bank, Mahindra & Mahindra, Tata Motors and ITC and Reliance Industries were also trading lower by 1-3.5 per cent each.
 
HCL Technologies was the top gainer among. It was trading higher by 9 per cent at Rs 1,793 after India's fourth largest outsourcer beat earnings estimates and also announced a 1:1 bonus issue.
 
DLF, NTPC, IDFC and BHEL were also trading on a positive note.
 
At 11.35 a.m., the Sensex was down 1.2 per cent or 366 points at 29,315 and the Nifty fell 106 points to 8,846.

 



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