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Market Wrap: Sensex slips 240 points as IAF strikes Pakistan terror camps


The benchmark indices trimmed most of the morning losses to end lower on Tuesday. In a knee-jerk reaction, the benchmark indices lost ground in intra-day trade, after the Indian Air Force (IAF) on Tuesday destroyed a major terrorist camp in Pakistan. The S&P BSE Sensex ended at 35,974, down 240 points or 0.66 per cent, while the broader Nifty50 index settled at 10,835, down 45 points or 0.41 per cent. India VIX, a gauge of volatility climbed 11 per cent to 17.04. The S&P BSE Sensex hit a low of 35,714 levels, while the Nifty50 slipped to 10,729 levels before buying at lower levels aided recovery.  Among sectoral indices, the Nifty PSU Bank index ended 1.55 per cent lower driven by a fall in Orient Bank and Union Bank of India. The Nifty Financial Services, too, settled nearly 1 per cent lower weighed by Edelweiss Financial Services and Max Financial Services. In the broader market, the S&P BSE MidCap index ended 0.27 per cent, or 38 points lower at 14,192 levels. The S&P BSE SmallCap index, too, lost 0.5 per cent to close at 13,550 levels. Shares of Dewan Housing Finance Corporation (DHFL) slipped 8 per cent to Rs 125 apiece on the BSE in early morning trade after rating agency ICRA downgraded the company’s commercial papers (CPs) worth Rs 8,000 crore to ‘A2+’ from ‘A1+’. The stock ended at Rs 130.85, down 4.28 per cent on the BSE. Shares of Tata Motors ended higher for the 10th straight trading session, up 4.07 per cent at Rs 183 apiece on the BSE, in an otherwise weak market as Tata Sons increased its stake in the company by nearly one percentage points through open market purchases.


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 2019-02-26  3m