Sensex stages recovery after falling 300 points in early trade

Sensex stages recovery after falling 300 points in early trade

Sensex stages recovery after falling 300 points in early trade

The benchmark BSE Sensex was trading 50 points, or 0.15% lower on Monday morning, recovering from its sharp losses in opening trade which saw the gauge plunge by almost 300 points, amid weak Asian cues after a US-led strike on Syrian targets fuelled fresh geopolitical concerns.

Key equity indices Nifty50 and Sensex extended their gains for the eighth consecutive session on Monday, the longest winning streak since November 2017, buoyed by gains in the select bank, financial, FMCG, IT and auto stocks.

The 50-share NSE Nifty too moved in a wide range on hectic selling and buying and finally closed 47.75 points, or 0.46 per cent, higher at 10,528.35.

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The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,944.73 points, traded at 34,147.31 points (12.58 p.m.) - down 45.34 points or 0.13 per cent from its previous session's close. Also, the absence of any new project announcement by Infosys impacted sentiments.

Furthermore, Infosys ended with a loss of 3 percent after lowering EBIT margin guidance for FY19, reported Moneycontrol. It was the top loser in the Nifty50 pack of stocks.

Hero MotoCorp (2.02%), Kotak Mahindra Bank (1.88%) and Adani Ports (1.85%) were the top gainers on Sensex.

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Besides, reflecting further improvement in the economic situation, industrial production grew by a healthy 7.1% in February while the key retail inflation slipped to a five-month low of 4.28% in March, official data showed on Thursday.

Among other Asian markets, Hong Kong's Hang Seng shed 1.44%, while Shanghai Composite Index was down 1.05% in early trade.

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