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sensex loses 323 points due to selling in last hour infosys reliance in loss

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sensex loses 323 points due to selling in last hour infosys reliance in loss

Mumbai, Nov 24 (PTI) After a day’s rally in the stock market, there was a fall again on Wednesday. The BSE Sensex fell over 323 points due to selling in the last hour of trading. The market declined mainly due to losses in Infosys, Reliance Industries and HDFC.

The 30-share Sensex was in the lead for most of the time during trading. But in the end, it closed at 58,340.99, down 323.34 points, or 0.55 percent, due to selling pressure. This is the fifth fall in the Sensex in the last six trading sessions.

The Nifty of the National Stock Exchange also closed at 17,415.05, down 88.30 points, or 0.5 percent.

Maruti, Infosys, Tech Mahindra, ITC, Reliance, L&T, UltraTech Cement and HDFC were the top losers up to 2.62 per cent in Sensex stocks.

On the other hand, the gainers include ICICI Bank, NTPC, Kotak Bank, Bajaj Finance, PowerGrid and HCL Tech. Of these, there was an increase of up to 1.45 percent.

Out of 30 Sensex stocks, 22 were in losses.

Vinod Nair, Head of Research, Geojit Financial Services said, “The stock market could not sustain the gains in volatile trade amid a mixed trend in global markets. Despite rising inflation, trading activity in the euro area rose to 55.8 in November from 54.2 in October. This has increased the confidence of the investors.

“On the domestic front, gains in banks and financial stocks were offset by losses in oil and gas and auto sectors. Bank shares were eyeing investors as the government has proposed to amend the Banks Act in the winter session of Parliament to ease the way for privatization of the two banks.

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Other markets in Asia also declined. The fall came on the back of volatility in global prices due to rising bond yields in the US and measures taken to reduce crude oil prices in the US and other countries.

Major markets in Europe were also in losses during afternoon trading.

Meanwhile, the rupee ended with a marginal gain of two paise at 74.40 against the US dollar.

Foreign institutional investors sold shares worth a net Rs 4,477.06 crore on Tuesday, according to stock market data.

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